Plain English Breakdown
The provided bill text is truncated at Section 2(21), so details on how receivers must act or other procedural rules are missing from the source material.
Illinois Receivership Act
This new law creates rules for when a court appoints someone to manage property in Illinois and lists specific types of properties that are not covered.
What This Bill Does
- Creates the Illinois Receivership Act as a new set of laws.
- Defines key terms like receiver, debtor, mortgage, affiliate, companion, lien, and owner.
- Excludes residential real estate from this law if it is defined under the Illinois Mortgage Foreclosure Law.
- Removes coverage for properties with one to six dwelling units unless they are used for business purposes or rented out by a non-family member.
- Removes coverage for receiverships that happen under the Nursing Home Care Act.
Who It Names or Affects
- Courts in Illinois
- People who own property subject to a receiver appointment
- Receivers appointed by courts
Terms To Know
- Receiver
- A person chosen by the court as its agent to take control, manage, or sell property.
- Affiliate
- For an individual: a spouse, domestic partner, civil union partner, family member (including ancestors, descendants, siblings, and cousins), their partners, or anyone living in the same home. For businesses: people who control them, officers, employees, or those related to such individuals.
- Receivership Property
- The specific property listed in a court order that is under the control of a receiver.
Limits and Unknowns
- This law does not apply to residential real estate covered by the Illinois Mortgage Foreclosure Law.
- Properties with one to six homes are only included if they meet specific business or rental conditions listed in the text.
- The full list of rules for how a receiver must act is cut off in the provided source material.