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Illinois General Assembly· SB 2951Governor Approved

MORTGAGE FORECLOSURE TIME, the official text

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SB2951 Enrolled                     LRB104 20377 JRC 33834 b

1   AN ACT concerning civil law.

2   Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4   Section 5. The Code of Civil Procedure is amended by

5 changing Sections 13-115 and 13-206 as follows:

6   (735 ILCS 5/13-115) (from Ch. 110, par. 13-115)

7   Sec. 13-115. Foreclosure of mortgage. No person shall

8 commence an action or make a sale to foreclose any mortgage or

9 deed of trust in the nature of a mortgage, unless within 10

10 years after the right of action or right to make such sale

11 accrues. Any indebtedness of any kind that is secured by a

12 mortgage or deed of trust in the nature of a mortgage shall

13 also have a 10-year period to commence an action.

14 (Source: P.A. 82-280.)

15  (735 ILCS 5/13-206) (from Ch. 110, par. 13-206)

16  Sec. 13-206. Ten year limitation. Except as provided in

17 Section 2-725 of the "Uniform Commercial Code", actions on

18 bonds, promissory notes, bills of exchange, written leases,

19 written contracts, any indebtedness of any kind that is

20 secured by a mortgage, or other evidences of indebtedness in

21 writing and actions brought under the Illinois Wage Payment

22 and Collection Act shall be commenced within 10 years next
    SB2951 Enrolled  -2-  LRB104 20377 JRC 33834 b

 1 after the cause of action accrued; but if any payment or new
 2 promise to pay has been made, in writing, on any bond, note,
 3 bill, lease, contract, or other written evidence of
 4 indebtedness, within or after the period of 10 years, then an
 5 action may be commenced thereon at any time within 10 years
 6 after the time of such payment or promise to pay. For purposes
 7 of this Section, with regard to promissory notes dated on or
 8 after the effective date of this amendatory Act of 1997, a
 9 cause of action on a promissory note payable at a definite date
10 accrues on the due date or date stated in the promissory note
11 or the date upon which the promissory note is accelerated.
12 With respect to a demand promissory note dated on or after the
13 effective date of this amendatory Act of 1997, if a demand for
14 payment is made to the maker of the demand promissory note, an
15 action to enforce the obligation of a party to pay the demand
16 promissory note must be commenced within 10 years after the
17 demand. An action to enforce a demand promissory note is
18 barred if neither principal nor interest on the demand
19 promissory note has been paid for a continuous period of 10
20 years and no demand for payment has been made to the maker
21 during that period.
22 (Source: P.A. 95-209, eff. 8-16-07.)

23  Section 99. Effective date. This Act takes effect upon

24 becoming law.
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