765 ILCS 105/ Building and Loan Mortgage Release Act.

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PROPERTY
(765 ILCS 105/) Building and Loan Mortgage Release Act.

765 ILCS 105/0.01

(765 ILCS 105/0.01) (from Ch. 17, par. 3630)

Sec. 0.01.

Short title.

This Act may be cited as the

Building and Loan Mortgage Release Act.

(Source: P.A. 86-1324.)

765 ILCS 105/1

(765 ILCS 105/1) (from Ch. 17, par. 3631)

Sec. 1.

That in all cases where associations have been
formed in this state under "An act to enable associations or persons to
become a body corporate to raise funds to be loaned only among the members
of such association," in force July 1, 1879, "An Act in relation to mutual
building, loan and homestead associations", filed June 19, 1919, as amended,
"The Illinois Savings and Loan Act", approved July 5, 1955, as
amended, or the Illinois Savings and Loan Act of 1985, as amended;
and said associations have
taken bonds, and trust deeds made to third persons, conveying real estate
to said third persons as trustees, as security for the payment of said
bonds; and when it becomes necessary for any such trust deed to be
released, and said trustee shall refuse to make such release, or he shall
be absent from the town, city or county where such real estate is located,
then it shall be lawful for the president or secretary of such association,
on being requested so to do by the board of directors of such associations,
to act in the capacity of alternate trustee, fully authorized and empowered
to release all claim, right, title and interest his association has in and
to the real estate described in the trust deed to be released.

(Source: P.A. 84-543.)

765 ILCS 105/2

(765 ILCS 105/2) (from Ch. 17, par. 3632)

Sec. 2.

All releases of trust deeds made in accordance with the
foregoing section shall be held and esteemed as of the same value and
significance as if they had been made and executed by the person named
as trustee in said trust deeds.

(Source: Laws 1889, p. 98.)