What Constitutes a "Mortgage" Under Illinois Law?

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A ruling by a Bankruptcy Court in Illinois that a bankruptcy trustee could avoid two mortgages which utilized a standard form used by the lending industry would constitute a precedent opening the door to avoidance of thousands of mortgages in Illinois.

The case concerns whether or not a mortgage failing to include the interest rate or maturity date on its face is insufficient as a matter of Illinois law.

The case is presently on appeal before the District Court for the Central District of Illinois.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jeana Reinbold | Attorney Advertising

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