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Mortgages; Mortgage Certificate of Release Act (P.A. 92-765)

Effective August 6, 2002, P.A. 92-765 created 765 ILCS 935 et seq. This new act is entitled the "Mortgage Certificate of Release Act" (the Act). The Act provides that an officer or a specifically-certified agent of a title insurance company may, on behalf of a mortgagor, execute a certificate of release and record the certificate of release with the recorder. The Act details the circumstances in which the officer or agent may execute such a certificate. The Act also specifies what a certificate of release must contain. 765 ILCS 935/20. The Act further requires that the officer or agent must send notice to the mortgagee prior to executing a certificate of release. 765 ILCS 935/10(b). A written objection by the mortgagee will block the officer or agent from recording the release. 765 ILCS 935/10(c). The Act also states that a properly executed certificate of release "constitute[s] a release of the lien of the mortgage described in the certificate of release." 765 ILCS 935/35. Finally, the Act contains a provision for its own repeal on January 1, 2004. 765 ILCS 935/90.

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