Illinois Compiled Statutes 735 ILCS 5/15-1101 – Title
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Terms Used In Illinois Compiled Statutes 735 ILCS 5/15-1101
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- may: as used in this Article means permissive and not mandatory. See Illinois Compiled Statutes 735 ILCS 5/15-1105
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- shall: as used in this Article means mandatory and not permissive. See Illinois Compiled Statutes 735 ILCS 5/15-1105
This Article shall be known, and may be cited, as the Illinois Mortgage Foreclosure Law.