765 ILCS 1090/1
Short title
Short title. This Act may be cited as the Illinois Receivership Act.(Source: P.A. 104-34, eff. 1-1-26.)
Illinois Compiled Statutes 765 ILCS 1090 — Illinois Receivership Act.
Illinois · statute · 765 ILCS 1090 · 29 active provisions
765 ILCS 1090/2
Definitions
Definitions. In this Act: (1) "Adequate protection" means protection against the decrease in the value of a person's interest in property resulting from the turnover, stay, use, sale, or lease of such property during the receivership. (2) "Affiliate" means: (A) with respect to an individual: (i) a companion of the indi…
765 ILCS 1090/3
Notice and opportunity for hearing
Notice and opportunity for hearing. (a) Except as otherwise provided in subsection (b), the court may issue an order under this Act only after notice and opportunity for a hearing appropriate in the circumstances. (b) The court may issue an order under this Act: (1) without prior notice if the circumstances require iss…
765 ILCS 1090/4
Scope; exclusions
Scope; exclusions. (a) Except as otherwise provided in subsection (b) or (c), this Act applies to a receivership for an interest in any one or more of the following: (1) in real property and any personal property related to or used in operating the real property; (2) in personal property and fixtures; or (3) a person t…
765 ILCS 1090/5
Power of court
Power of court. The court that appoints a receiver under this Act has exclusive jurisdiction and authority: (a) to direct and control the receiver; (b) over all receivership property wherever located; (c) to determine all controversies related to the receivership or the collection, preservation, improvement, dispositio…
765 ILCS 1090/6
Appointment of receiver
Appointment of receiver. (a) The court may appoint a receiver: (1) before judgment, to protect a party that demonstrates an apparent right, title, or interest in property that is the subject of the action, if the property or its revenue-producing potential: (A) is being subjected to or is in danger of waste, loss, diss…
765 ILCS 1090/7
Disqualification from appointment as receiver; disclosure of interest
Disqualification from appointment as receiver; disclosure of interest. (a) Any person, whether or not a resident of this State, may serve as a receiver unless the person is disqualified under this Act. (b) The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of…
765 ILCS 1090/8
Receiver's bond; alternative security
Receiver's bond; alternative security. (a) Except as otherwise provided in subsection (b) and (c), a receiver shall post with the court a bond that: (1) is conditioned on the faithful discharge of the receiver's duties; (2) has one or more sureties approved by the court; (3) is in an amount the court specifies; and (4)…
765 ILCS 1090/9
Status of receiver as lien creditor
Status of receiver as lien creditor. On appointment of a receiver, the receiver has the status of a lien creditor: (1) under Sections 9-101 to 9-809 of the Uniform Commercial Code as to receivership property that is personal property or fixtures; (2) under Sections 1 to 39 of the Conveyances Act as to receivership prop…
765 ILCS 1090/10
Security agreement covering after-acquired property
Security agreement covering after-acquired property. Except as otherwise provided by law of this State other than this Act, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appoi…
765 ILCS 1090/11
Collection and turnover of receivership property
Collection and turnover of receivership property. (a) Unless the court orders otherwise, on demand by a receiver: (1) a person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to…
765 ILCS 1090/12
Powers and duties of receiver
Powers and duties of receiver. (a) Except as limited by court order or law of this State other than this Act, a receiver may: (1) collect, control, manage, conserve, and protect receivership property; (2) operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange,…
765 ILCS 1090/13
Duties of owner
Duties of owner. (a) An owner shall: (1) assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver's duties; (2) preserve and turn over to the receiver all receivership property in the owner's possession, custody, or control; (3) identify all records and other in…
765 ILCS 1090/14
Stay; injunction
Stay; injunction. (a) Except as otherwise provided in subsection (d) or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding: (1) to obtain possession of, exercise control over, or enforce a judgment against receivership property; and (2) t…
765 ILCS 1090/15
Engagement and compensation of professionals
Engagement and compensation of professionals. (a) With court approval, a receiver may engage one or more attorneys, accountants, appraisers, auctioneers, brokers, or other professionals to assist the receiver in performing a duty or exercising a power of the receiver. The court may authorize the receiver's engagement o…
765 ILCS 1090/16
Use or transfer of receivership property not in ordinary course of business
Use or transfer of receivership property not in ordinary course of business. (a) In this Section, "good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. (b) With court approval, a receiver may use receivership property other than in the ordinary course of business. (c)…
765 ILCS 1090/17
Executory contracts
Executory contracts. (a) In this Section, "timeshare interest" means an interest having a duration of more than three years which grants its holder the right to use and occupy an accommodation, facility, or recreational site, whether improved or not, for a specific period less than a full year during any given year. (b…
765 ILCS 1090/18
Defenses and immunities of receiver
Defenses and immunities of receiver. (a) A receiver is entitled to all defenses and immunities provided by law of this State for an act or omission within the scope of the receiver's appointment. (b) Approval of the court that appointed the receiver must be obtained before the commencement of an action or proceeding ag…
765 ILCS 1090/19
Interim report of receiver
Interim report of receiver. A receiver may file or, if ordered by the court, shall file an interim report that includes: (1) the dates covered by the interim report; (2) the activities of the receiver since appointment or a previous report; (3) receipts and disbursements, including a payment made or proposed to be made…
765 ILCS 1090/20
Notice of appointment; claim against receivership; distribution to creditors
Notice of appointment; claim against receivership; distribution to creditors. (a) Except as otherwise provided in subsection (h), a receiver shall give notice of appointment of the receiver to all creditors of the owner by: (1) deposit for delivery through first-class mail or other commercially reasonable delivery meth…
765 ILCS 1090/21
Fees and expenses
Fees and expenses. (a) The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. (b) The court may order one or more of the following to pay the reasonable and necessary fees and expenses o…
765 ILCS 1090/22
Removal of receiver; replacement; termination of receivership
Removal of receiver; replacement; termination of receivership. (a) The court may remove a receiver for cause. (b) The court shall replace a receiver that dies, resigns, or is removed. (c) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted f…
765 ILCS 1090/23
Final report of receiver; discharge
Final report of receiver; discharge. (a) Unless excused by the court, on completion of a receiver's duties, the receiver shall file a motion seeking approval of a final report and termination of the court's administration of the receivership property. (b) The final report shall include: (1) a description of the activit…
765 ILCS 1090/24
Receivership in another state; ancillary proceeding
Receivership in another state; ancillary proceeding. (a) The court may appoint a foreign receiver as an ancillary receiver with respect to property located in this State or subject to the jurisdiction of the court for which a receiver could be appointed under this Act, if: (1) the person would be eligible to serve as r…
765 ILCS 1090/25
Effect of enforcement by secured party
Effect of enforcement by secured party. A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not: (1) make the secured party a mortgagee in possession of real property; (2) impose…
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