Sec. 2. Definitions.

413 words·~2 min read·/il/chapter-765/act-95/2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 2. Definitions. In this Act:

(a)"Lender" means an individual or any other entity that advances funds secured by an interest in real property or secured by a collateral assignment of a beneficial interest in an Illinois land trust holding title to real property.

(b)"Man-made underground mine" includes without limitation coal mines, clay mines, limestone mines, and fluorspar mines.

(c)"Mine subsidence" means lateral or vertical ground movement that directly damages a structure and that results from the collapse of a man-made underground mine. Lateral or vertical ground movement caused by earthquake, landslide, volcanic eruption, soil conditions, soil erosion, soil freezing and thawing, improperly compacted soil, construction defects, roots of trees and shrubs, or collapse of storm or sewer drains or rapid transit tunnels is not mine subsidence.

(d)"Transfer" means:

(1)a conveyance of an interest in real property by deed or other instrument;

(2)a lease of real property if the term, when considering all options that may be

exercised, exceeds 40 years;

(3)an assignment, including transfer of the power of direction, of more than 25% of the

beneficial interest in an Illinois land trust;

(4)a mortgage of real property; or

(5)a collateral assignment of a beneficial interest in an Illinois land trust.

"Transfer" does not, however, include the following: deeds or trust documents that, without additional consideration, confirm, correct, modify, or supplement a deed or trust document previously recorded; tax deeds; deeds or trust documents of release of property that is security for a debt or other obligation; deeds of partition; conveyances occurring as a result of a foreclosure of a mortgage or other lien on real property; easements; or conveyances of interests in minerals, oil, or gas.

(e)"Transferee" means a buyer, mortgagee, grantee, or lessee of real property, an assignee of a collateral assignment of a beneficial interest in an Illinois land trust, or an assignee of a more than 25% beneficial interest in an Illinois land trust.

(f)"Transferor" means a seller, grantor, mortgagor, or lessor of real property, an assignor of a collateral assignment of the beneficial interest in an Illinois land trust, an assignor of a more than 25% beneficial interest in an Illinois land trust, or, in the case of a transfer by the trustee of an Illinois land trust, the owner of the beneficial interest in the land trust.

(g)"Undermined" means that a man-made underground mine exists below all or part of the surface of real property.