State Farm Life Insurance v. Town & Country Associates

This case concerns application of section 7 of “An Act relating to mortgages of property of public utilities” (Ill. Rev. Stat. 1977, ch. 95, par. 57). The parties do not dispute that it applies to mortgages and trust deeds made by other debtors as well. Section 7 provides a method whereby defaults in periodic payments on obligations secured by such instruments may be cured, even after due date of payments has been accelerated and foreclosure started, by tender of payment of periodic payments due prior to acceleration plus costs and mortgagee’s attorney’s fees as determined by the court. A…