MORTGAGE FORECLOSURE TIME

From the Legislature

Amends the Code of Civil Procedure. Provides that any indebtedness of any kind that is secured by a mortgage or deed of trust in the nature of a mortgage has a 10-year period to commence an action. Amends the Probate Act of 1975. Provides that in any proceeding to sell or mortgage real estate, if the secured creditors cannot be satisfied in full, then the court shall not direct the sale without the secured creditors' approval to accept partial satisfaction; and if the secured creditors cannot be satisfied in full, a sale of the property is not considered necessary for the proper administration of the estate. Effective immediately.