Question: Elmer and Arletta Hans husband and wife owned a parcel
Elmer and Arletta Hans, husband and wife, owned a parcel of real property in Illinois. They borrowed $ 100,000 from First Illinois National Bank (First Illinois) and executed a note and mortgage to First Illinois, making the real estate security for the loan. The security agreement authorized First Illinois to take possession of the property on the occurrence of a default and required the Hanses to execute a quitclaim deed in favor of First Illinois. The state of Illinois recognizes the doctrine of redemption. When the Hanses defaulted on the loan, First Illinois filed a lawsuit, seeking an order requiring the Hanses to immediately execute a quitclaim deed to the property. Must the Hanses execute the quitclaim deed before the foreclosure sale? First Illinois National Bank v. Hans, 493 N. E. 2d 1171, 1986 Ill. App. Lexis 2287 (Appellate Court of Illinois)
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