There Is a Newer Version of the Illinois Compiled Statutes
2005 Illinois 735 ILCS 5/ Code of Civil Procedure. Part 13 - Mortgage Lien Priorities
(735 ILCS 5/15‑1301) (from Ch. 110, par. 15‑1301)
Sec. 15‑1301.
Lien Created.
Except as provided in Section 15‑1302,
from the time a mortgage is recorded it shall be a lien upon the real
estate that is the subject of the mortgage for all monies advanced or
applied or other obligations secured in accordance with the terms of the
mortgage or as authorized by law, including the amounts specified in a
judgment of foreclosure in accordance with subsection (d) of Section 15‑1603.
(Source: P.A. 84‑1462.)
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(735 ILCS 5/15‑1302) (from Ch. 110, par. 15‑1302)
Sec. 15‑1302.
Certain Future Advances.
(a) Advances Made After
Eighteen Months. Except as provided in subsection (b) of Section 15‑1302, as to any
monies advanced or applied more than 18 months after a mortgage is
recorded, the mortgage shall be a lien as to subsequent purchasers and
judgment creditors only from the time such monies are advanced or applied.
However, nothing in this Section shall affect any lien arising or existing
by virtue of the Mechanics' Lien Act.
(b) Exceptions.
(1) All monies advanced or applied pursuant to commitment, whenever
advanced or applied, shall be a lien from the time the mortgage is
recorded. An advance shall be deemed made pursuant to commitment only if
the mortgagee has bound itself to make such advance in the mortgage or in
an instrument executed contemporaneously with, and referred to in, the
mortgage, whether or not a subsequent event of default or other event not
within the mortgagee's control has relieved or may relieve the mortgagee
from its obligation.
(2) All monies advanced or applied, whenever advanced or applied, in
accordance with the terms of a reverse mortgage shall be a lien from the
time the mortgage is recorded.
(3) All monies advanced or applied in accordance with the terms of a
revolving credit arrangement secured by a mortgage as authorized by law
shall be a lien from the time the mortgage is recorded.
(4) All interest which in accordance with the terms of a mortgage is
accrued or added to the principal amount secured by the mortgage, whenever
added, shall be a lien from the time the mortgage is recorded.
(5) All monies advanced by the mortgagee in accordance with the terms of
a mortgage to (i) preserve or restore the mortgaged real estate, (ii)
preserve the lien of the mortgage or the priority thereof or (iii) enforce
the mortgage, shall be a lien from the time the mortgage is recorded.
(Source: P.A. 84‑1462.)
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