Illinois Compiled Statutes 765 ILCS 910/10 – The provisions of this Act shall not be applicable to a mortgage …
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Terms Used In Illinois Compiled Statutes 765 ILCS 910/10
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The provisions of this Act shall not be applicable to a mortgage lender using the capitalization method of accounting for receipt of payments for taxes. The capitalization method shall mean crediting such tax payments directly to the loan principal upon receipt and increasing the loan balance when the taxes are paid.