SB 2951

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Full Text of SB2951
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					SB2951 - 104th General Assembly
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							Introduced
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							Enrolled
							House Amendment 001
							Public Act
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						Introduced
						Engrossed
						Enrolled
						House Amendment 001
						Public Act
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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.