Bill Title: Amends the Limitations Article of the Code of Civil Procedure. Provides that an action to establish an equitable mortgage or equitable lien against real estate or a claim for subrogation to a prior mortgage shall be commenced within 10 years after the cause of action accrues. Provides that no person shall commence an action to foreclose any equitable mortgage, equitable lien against real estate, or subrogor's mortgage, unless the action is filed within 10 years after the cause of action accrues. Provides that, with exceptions, a cause of action accrues when the debt held by the equitable mortgagee, equitable lien claimant, or subrogee is in default by way of maturity, acceleration, demand, or otherwise. Provides that the amendatory language is declarative of existing law.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2022-04-11 - Rule 19(a) / Re-referred to Rules Committee [SB3650 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Engrossed	2022-02-23	HTML/Text	Link	View
Introduced	2022-01-21	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2022-04-04	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3650 currently on file.

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