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| | HB1337 Engrossed | | LRB097 05449 AJO 45507 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Conveyances Act is amended by changing |
| 5 | | Section 11 as follows:
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| 6 | | (765 ILCS 5/11) (from Ch. 30, par. 10)
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| 7 | | Sec. 11. (a) Mortgages of lands may be substantially in the |
| 8 | | following form:
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| 9 | | The Mortgagor (here insert name or names), mortgages and |
| 10 | | warrants to
(here insert name or names of mortgagee or |
| 11 | | mortgagees), to secure the
payment of (here recite the nature |
| 12 | | and amount of indebtedness, showing
when due and the rate of |
| 13 | | interest, and whether secured by note or
otherwise), the |
| 14 | | following described real estate (here insert description
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| 15 | | thereof), situated in the County of ...., in the State of |
| 16 | | Illinois.
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| 17 | | Dated (insert date).
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| 18 | | (signature of mortgagor or mortgagors)
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| 19 | | The names of the parties shall be typed or printed below |
| 20 | | the
signatures. Such form shall have a blank space of 3 1/2 |
| 21 | | inches by 3 1/2
inches for use by the recorder. However, the |
| 22 | | failure to comply with the
requirement that the names of the |
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| | HB1337 Engrossed | - 2 - | LRB097 05449 AJO 45507 b |
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| 1 | | parties be typed or printed
below the signatures and that the |
| 2 | | form have a blank space of 3 1/2
inches by 3 1/2 inches for use |
| 3 | | by the recorder shall not affect
the validity and effect of |
| 4 | | such form.
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| 5 | | Such mortgage, when otherwise properly executed, shall be
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| 6 | | deemed and held a good and sufficient mortgage in fee to secure |
| 7 | | the
payment of the moneys therein specified; and if the same |
| 8 | | contains the
words "and warrants," the same shall be construed |
| 9 | | the same as if full
covenants of ownership, good right to |
| 10 | | convey against incumbrances of
quiet enjoyment and general |
| 11 | | warranty, as expressed in Section 9 of this
Act were fully |
| 12 | | written therein; but if the words "and warrants" are
omitted, |
| 13 | | no such covenants shall be implied. When the grantor or
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| 14 | | grantors in such deed or mortgage for the conveyance of any |
| 15 | | real
estate desires to release or waive his, her or their |
| 16 | | homestead rights
therein, they or either of them may release or |
| 17 | | waive the same by
inserting in the form of deed or mortgage (as |
| 18 | | the case may be), provided
in Sections 9, 10 and 11, after the |
| 19 | | words "State of Illinois," in
substance the following words, |
| 20 | | "hereby releasing and waiving all rights
under and by virtue of |
| 21 | | the homestead exemption laws of this State."
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| 22 | | Mortgages securing "reverse mortgage" loans shall be |
| 23 | | subject to this Section
except where requirements concerning |
| 24 | | the definiteness of the term and amount of
indebtedness |
| 25 | | provisions of a mortgage would be inconsistent with the Acts
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| 26 | | authorizing "reverse mortgage" loans, or rules and regulations |
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| 1 | | promulgated
under those Acts.
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| 2 | | Mortgages securing "revolving credit" loans shall be |
| 3 | | subject to this Section.
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| 4 | | (b) Notwithstanding any provision of subsection (a) of this |
| 5 | | Section, no person may challenge the validity or priority of an |
| 6 | | otherwise lawfully executed and recorded mortgage solely on the |
| 7 | | basis that the rate of interest was not expressed in the |
| 8 | | recorded mortgage instrument. |
| 9 | | (Source: P.A. 91-357, eff. 7-29-99.)
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