For purposes of Section 21-290:
        (1) “Ownership interest” means any title or other
    
interest in property, including without limitation any beneficial interest in a land trust, the holder of which is considered to be the owner of the property for purposes of taxation under Section 9-175.
        (2) “Nonownership interest” means any interest in
    
real property other than a contingent interest and other than an ownership interest as defined in this Section, including without limitation a mortgage, equitable mortgage or other interest in the nature of a mortgage, leasehold, easement, or lien.
        (3) “Real property” has the same meaning as defined
    
in Section 1-130, and includes leasehold estates subject to taxation as property under Section 9-195.
        (4) “Beneficial interest” and “land trust” have the
    
meanings given to those terms in the Land Trust Beneficial Interest Disclosure Act.

Terms Used In Illinois Compiled Statutes 35 ILCS 200/21-285

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
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