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Case Citations [1] (April 2017 through August 2017)

handle is hein.ali/retpmrtges0021 and id is 1 raw text is: PROPERTY 3D: MORTGAGES CHAPTER 1. CREATION OF MORTGAGES § 1.1 The Mortgage Concept; No Personal Liability Required Ill.App.2016. Quot. in sup. Assignees of defaulted loans and their accompanying mortgages, which later acquired deeds in lieu of foreclosure to the mortgaged properties, protested after city assessed real- estate-transfer taxes on the assignments of the mortgages. An administrative law judge vacated the assessment. The trial court granted city's petition for a writ of certiorari and reversed. This court reversed and reinstated the administrative decision, holding that an assignment of a mortgage was not an assignment of a beneficial interest in real property that was subject to the real-estate-transfer tax. The court cited the definition of mortgage set forth in Restatement Third of Property: Mortgages § 1.1 in reasoning that the remedies available to a mortgagee when a mortgage was in default did not grant the mortgagee the degree of control necessary for ownership. City of Chicago v. Elm State Property LLC, 69 N.E.3d 390, 398. CHAPTER 3. MORTGAGOR'S EQUITY OF REDEMPTION AND MORTGAGE SUBSTITUTES § 3.1 The Mortgagor's Equity of Redemption and Agreements Limiting It Ill.App.2016. Cit. in sup.; subsec. (a) quot. in sup. Assignees of defaulted loans and their accompanying mortgages, which later acquired deeds in lieu of foreclosure to the mortgaged properties, protested after city assessed real-estate-transfer taxes on the assignments of the mortgages. An administrative law judge vacated the assessment; the trial court granted city's petition for a writ of certiorari and reversed. This court reversed and reinstated the administrative decision, holding that an assignment of a mortgage was not an assignment of a beneficial interest in real property that was subject to the real-estate-transfer tax. The court reasoned, in part, that, under Restatement Third of Property: Mortgages § 3.1, a mortgage did not convey an equitable ownership interest in real property, but rather, created a lien on the property and conveyed a security interest that could be extinguished by the mortgagor paying in full any time prior to foreclosure. City of Chicago v. Elm State Property LLC, 69 N.E.3d 390, 396, 398. CHAPTER 4. RIGHTS AND DUTIES OF THE PARTIES PRIOR TO FORECLOSURE § 4.1 Mortgage Creates Security Interest Only Ill.App.2016. Subsec. (a) quot. in sup. Assignees of defaulted loans and their accompanying mortgages, which later acquired deeds in lieu of foreclosure to the mortgaged properties, protested after city assessed real-estate-transfer taxes on the assignments of the mortgages. An administrative law judge For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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