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Code · Illinois · Chapter 765 — PROPERTY · Act 905

Sec. 17. Notwithstanding any other provisions of this Act:.

79 words·~1 min read·/il/chapter-765/act-905/17

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Sec. 17. Notwithstanding any other provisions of this Act:
(1)The Act does not abrogate the Illinois common law that the payment in full of a debt
secured by a mortgage extinguishes the lien.
(2)Payment in full of a debt secured by a mortgage pursuant to a payoff statement, as
defined in Section 5 of the Mortgage Certificate of Release Act, issued by or on behalf of the holder of the indebtedness extinguishes the lien of the mortgage.
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