Recorded Mortgage Without Maturity Date and Interest Rate Invalid, Illinois Bankruptcy Court Holds

August 30, 2012

A bankruptcy court’s ruling in Illinois that said mortgage is not valid if it fails to include the maturity date and the interest rate of the underlying debt within the mortgage document as recorded could have serious implications for mortgage financing transactions in the Prairie State. Read on for info on an amicus brief filed by ALTA and the Illinois Land Title Association, as well as advice from the law firm Reed Smith on how to handle these transactions based off this opinion.

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