§ 8-844. Definitions.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Person means any natural person, receiver, administrator, executor, conservator, assignee, trust in perpetuity, trust, estate, firm, co-partnership, joint venture, club, company, joint stock company, business trust, municipal corporation, political subdivision of the State, domestic or foreign corporation, association, syndicate, society, or any group of individuals acting as a unit, whether mutual, cooperative, fraternal, nonprofit, or otherwise, and the United States or any instrumentality thereof. Whenever the term "person" is used in any clause prescribing and imposing a penalty, the term as applied to associations shall mean the owners or part-owners thereof, and as applied to corporations, the officers thereof.

Recordation means the recording of deeds with the Office of Recorder of Deeds or the Registration of Deeds with the Registrar of Titles of Cook County, Illinois.

Value means the amount of the full actual consideration for any transfer covered hereunder, including the amount of any mortgage or other lien to which the sale is subject or the amount of any mortgage or other lien assumed by the grantee or purchaser.

(Code 1993, § 9-15.1)