Illinois Compiled Statutes > 770 ILCS 103 – Timeshare Lien and Security Interest Act
Current as of: 2022 | Check for updates | Other versions
|§ 770 ILCS 103/1||Short title|
|§ 770 ILCS 103/3||Definitions|
|§ 770 ILCS 103/5||Managing entity lien created|
|§ 770 ILCS 103/10||Nonjudicial foreclosure against timeshare estates|
|§ 770 ILCS 103/15||Foreclosure of lien or security interest on a timeshare use|
Terms Used In Illinois Compiled Statutes > 770 ILCS 103 - Timeshare Lien and Security Interest Act
- 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.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC