Illinois Compiled Statutes 735 ILCS 5/13-115 – Foreclosure of mortgage
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/13-115
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
No person shall commence an action or make a sale to foreclose any mortgage or deed of trust in the nature of a mortgage, unless within 10 years after the right of action or right to make such sale accrues.