Illinois Compiled Statutes 765 ILCS 910/6 – In lieu of the mortgage lender establishing an escrow account or an …
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 765 ILCS 910/6
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In lieu of the mortgage lender establishing an escrow account or an escrow-like arrangement, a borrower may pledge an interest bearing time deposit with the mortgage lender in an amount sufficient to secure the payment of anticipated taxes.