Illinois Compiled Statutes 725 ILCS 5/124B-110 – Definition; “owner”
Current as of: 2024 | Check for updates
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In this Article, “owner” means a person with an ownership interest in the specific property sought to be forfeited, including a leasehold, lien, mortgage, recorded security interest, or valid assignment of an ownership interest. “Owner” does not include any of the following:
(1) A person with only a general unsecured interest
(1) A person with only a general unsecured interest
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in, or claim against, the property or estate of another.
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(2) A bailee, unless the bailor is identified and the
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bailee shows a colorable legitimate interest in the property seized.
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(3) A nominee who exercises no dominion or control
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over the property.
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Terms Used In Illinois Compiled Statutes 725 ILCS 5/124B-110
- 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.