summary
Introduced
02/09/2024
02/09/2024
In Committee
04/05/2024
04/05/2024
Crossed Over
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd General Assembly
Bill Summary
Creates the Illinois Receivership Act. Creates a process in which a person is appointed by the court as the court's agent under the court's direction to take possession of, manage and, if authorized by the Act or court order, transfer, sell, lease, or otherwise dispose of receivership property. Requires the court to provide notice and opportunity for a hearing as appropriate before the court can issue an order under the Act. Applies to real property and any personal property related to or used in operating the real property and personal property and fixtures. Exempts an interest in real property improved by one to four dwelling units with some exceptions. Provides that the Act does not apply to a receiver appointed under the Illinois Mortgage Foreclosure Law.
AI Summary
This bill creates the Illinois Receivership Act, which establishes a process for a court to appoint a receiver as the court's agent to take possession of, manage, and potentially transfer, sell, lease, or dispose of receivership property. The bill defines key terms, outlines the scope and exclusions of the act, and provides details on the appointment, powers, and duties of the receiver, as well as the duties of the property owner. The bill also addresses the stay of certain actions, the use and transfer of receivership property, executory contracts, the claims process, fees and expenses, and the termination of the receivership. The act is meant to promote uniformity with other states that have enacted similar receivership laws.
Committee Categories
Justice
Sponsors (1)
Last Action
Session Sine Die (on 01/07/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5311&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB5311.htm |
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