IL SB3650

Adds Section 13-115.1 to the Code of Civil Procedure establishing a 10-year statute of limitations for actions to establish equitable mortgages, equitable liens against real estate, or claims for subrogation to a prior mortgage.

Actions to foreclose equitable mortgages, equitable liens, or subrogor's mortgages must be filed within 10 years after the cause of action accrues.

A cause of action accrues when the debt is in default by maturity, acceleration, demand, or other means.

The 10-year limitation period resets if any payment is made or a written promise to pay is made within or after the 10-year period, allowing a new action within 10 years of that payment or promise.

Declares this section is declarative of existing law.