"Foreclosure" means an action commenced under this Article and "to foreclose" means to terminate legal and equitable interests in real estate pursuant to a foreclosure.
15-1203.Foreclosure.
Article XV. Mortgage Foreclosure · Part 12. Definitions · Not amended since adoption on record · Last verified July 20, 2026
In one sentenceThis section defines “foreclosure” as an action commenced under Article XV and “to foreclose” as terminating legal and equitable interests in real estate through that action.
Full Text of 735 ILCS 5/15-1203
Plain-English Summary
Section 15-1203 anchors two terms that recur throughout Article XV. “Foreclosure” means an action commenced under this Article, tying the word to the specific judicial process the Article creates rather than to any informal or extrajudicial sense of the term. “To foreclose” means to terminate legal and equitable interests in real estate pursuant to such a foreclosure.
Fixing these meanings early lets the rest of the Article use “foreclosure” and “foreclose” as shorthand, confident that both refer to the same judicial action and its effect of cutting off legal and equitable interests in the real estate involved.
Frequently Asked Questions
What does “foreclosure” mean under Article XV?
An action commenced under this Article.
What does “to foreclose” mean under this section?
To terminate legal and equitable interests in real estate pursuant to a foreclosure.
Does this definition cover foreclosure methods outside a judicial action?
No. The definition ties foreclosure to an action commenced under this Article, which is a judicial process.
How does this differ from everyday use of the word foreclosure?
Everyday usage can be loose about the process involved; this section pins the term to the specific action and legal effect Article XV creates.
Why does the statute define such a familiar word?
To make sure every later reference to foreclosure or to foreclose in the Article carries the same precise legal meaning rather than a colloquial one.
Amendment History
(Source: P.A. 84-1462.)
Source & verification. Section text and amendment history are
reproduced verbatim from the Illinois Compiled Statutes, published by the
Illinois Compiled Statutes, Illinois General Assembly / Legislative Reference Bureau. Last verified July 20, 2026.
· Official source
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