Illinois Compiled Statutes 765 ILCS 935 Mortgage Certificate of Release Act. Section 40

    (765 ILCS 935/40)

    Sec. 40. Wrongful or erroneous certificate of release. Recording of a wrongful or erroneous certificate of release by a title insurance company or its title insurance agent shall not relieve the mortgagor or the mortgagor's successors or assignees from any personal liability on the loan or other obligations secured by the mortgage. In addition to any other remedy provided by law, a title insurance company executing or recording a certificate of release under this Act is liable to the mortgagee for actual damages sustained due to the recording of the certificate of release. The prevailing party in any action or proceeding seeking actual damages due to the recording of a certificate of release shall be entitled to the recovery of reasonable attorneys fees and costs incurred in that action or proceeding.

(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)

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Last modified: February 18, 2015