"Owner of redemption" means a mortgagor, or other owner or co-owner of the mortgaged real estate.
15-1212.Owner of Redemption.
Article XV. Mortgage Foreclosure · Part 12. Definitions · Not amended since adoption on record · Last verified July 20, 2026
In one sentenceThis section defines “owner of redemption” as a mortgagor or any other owner or co-owner of the mortgaged real estate.
Full Text of 735 ILCS 5/15-1212
Plain-English Summary
Section 15-1212 defines owner of redemption broadly enough to include more than the mortgagor alone. The term reaches a mortgagor, as defined in Section 15-1209, as well as any other owner or co-owner of the mortgaged real estate.
Defining the term separately from mortgagor recognizes that ownership of the mortgaged real estate can be broader than, or different from, whoever executed the mortgage, particularly where co-ownership or later transfers are involved. The term identifies who can exercise redemption rights tied to ownership of the property rather than to the mortgage debt itself.
Frequently Asked Questions
Who qualifies as an owner of redemption under this Article?
A mortgagor, or any other owner or co-owner of the mortgaged real estate.
Is the mortgagor automatically an owner of redemption?
Yes, the definition names a mortgagor as one category of owner of redemption.
Can someone other than the mortgagor hold this status?
Yes, any other owner or co-owner of the mortgaged real estate also qualifies.
Why does the law define this term separately from mortgagor?
Because ownership of the mortgaged real estate can extend beyond the person who executed the mortgage, and this term captures that broader group.
Does this definition affect redemption rights?
The term identifies who counts as an owner of redemption; the Article's redemption provisions elsewhere govern how those rights work.
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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