§ 19-3

Illinois § 19-3

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 755: ESTATES
• Act 755 ILCS 5/: Probate Act of 1975.
• Art.: Article XIX - Administration of Personal Estate

Text

Mortgage of agricultural commodities.) By leave of court, a representative of an estate eligible therefor may obtain a loan and mortgage or pledge for a term of not to exceed one year agricultural commodities as security for a loan pursuant to the provisions of the federal Agricultural Adjustment Act of 1938, may execute and deliver such evidences of indebtedness, security interests, pledges and other documents as may be required in connection therewith, and may repay the loan or deliver the commodity mortgaged or pledged therefor in accordance with the terms upon which the loan is made. The proceeds of the loan are personal estate in the hands of the representative.

Legislative History

(Source: P.A. 80-662.)