Sec. 15-1207. Mortgage.
148 words·~1 min read·
/il/chapter-735/act-5/15-1207A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-1207. Mortgage. "Mortgage" means any consensual lien created by a written instrument which grants or retains an interest in real estate to secure a debt or other obligation. The term "mortgage" includes, without limitation:
(a)mortgages securing "reverse mortgage" loans as authorized by subsection
(a)of Section 5 of the Illinois Banking Act;
(b)mortgages securing "revolving credit" loans as authorized by subsection
(c)of Section 5 of the Illinois Banking Act, Section 1-6b of the Illinois Savings and Loan Act and Section 46 of the Illinois Credit Union Act;
(c)every deed conveying real estate, although an absolute conveyance in its terms, which shall have been intended only as a security in the nature of a mortgage;
(d)equitable mortgages; and
(e)instruments which would have been deemed instruments in the nature of a mortgage prior to the effective date of this amendatory Act of 1987.