Finance
In Illinois, which type of mortgage instrument conveys legal title to a third-party trustee until the loan is repaid?
AMortgage (two-party instrument)
BDeed of trust (three-party instrument)✓ Correct
CLand contract
DPromissory note
Explanation
A deed of trust is a three-party instrument where the borrower (trustor) conveys legal title to a neutral third party (trustee) to hold as security for the lender (beneficiary) until the loan is repaid. Illinois primarily uses mortgages (two-party instruments), but deeds of trust are used in some transactions.
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