SB1443 clarifies that paying off a mortgage debt in full extinguishes the mortgage lien under Illinois law.
SB1443 amends the Mortgage Act to ensure that the payment in full of a debt secured by a mortgage, as defined in the Mortgage Certificate of Release Act, extinguishes the mortgage lien. This law maintains the Illinois common law principle that full payment of a mortgage debt cancels the mortgage lien. The Act takes effect immediately upon becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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