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IL SB2951
Bill
Status
Introduced
2/3/2026
Primary Sponsor
Robert Martwick
Click for details
AI Summary
- Establishes a 10-year statute of limitations for commencing legal action on any indebtedness secured by a mortgage or deed of trust, matching the existing timeframe for mortgage foreclosure actions.
- Prohibits courts from directing the sale of estate real property without secured creditors' approval when those creditors cannot be paid in full from the proceeds.
- Declares that selling estate property is not considered necessary for proper estate administration when secured creditors would not receive full satisfaction.
- Amends the Illinois Code of Civil Procedure (735 ILCS 5/13-115 and 5/13-206) and the Probate Act of 1975 (755 ILCS 5/20-6).
- Takes effect immediately upon becoming law.
Legislative Description
MORTGAGE FORECLOSURE TIME
Last Action
Placed on Calendar Order of 3rd Reading March 24, 2026
3/12/2026
Committee Referrals
Judiciary2/3/2026
Assignments2/3/2026
Full Bill Text
No bill text available