State Codes and Statutes
Statutes > Illinois > Chapter205 > 1180 > 020501050HArt_10 (205 ILCS 105/10‑1) (from Ch. 17, par. 3310‑1) Sec. 10‑1. Commissioner to appoint receiver. If the Commissioner, after taking custody of an association under the Section of this Act concerning Commissioner's Authority to Take Custody, finds that any one or more of the reasons for taking custody continues to exist through the period of his custody, then he shall appoint any qualified person, firm or corporation as receiver or coreceiver of such association or trust for the purpose of liquidation. In the case of an insured association, he may appoint the insurance corporation or its nominee as such receiver or as a coreceiver; and the insurance corporation may be permitted to serve without bond. The receiver shall take possession of and title to the books, records and assets of every description of the association or trust. (Source: P.A. 84‑543.) |
(205 ILCS 105/10‑2) (from Ch. 17, par. 3310‑2) Sec. 10‑2. Filing of complaint by Attorney General. After appointing a receiver, the Commissioner shall direct the Attorney General to file a complaint in the name of the Commissioner in the circuit court of the county in which such association or trust is located and against the association or trustees or liquidators, as the case may be, for the orderly liquidation and dissolution of the association or trust and for an injunction restraining the officers, directors, trustees or liquidators, from continuing the operation of the association or trust. No complaint shall be filed nor shall other proceedings be commenced in any court for the dissolution or winding up of the affairs of the association or trust except in the name of and by authority of the Commissioner represented by the Attorney General. (Source: P.A. 84‑543.) |
(205 ILCS 105/10‑3) (from Ch. 17, par. 3310‑3) Sec. 10‑3. Receiver's powers; court supervision. Upon order of the court in which the Commissioner's complaint for dissolution and winding up of the affairs of the association has been filed, the receiver shall have the power and shall be charged with the duties and responsibilities as follows: (a) To sell and compound all bad or doubtful debts on such terms as the court shall direct; (b) To sell the real and personal property of the association on such terms as the court shall direct; (c) To petition the court for authority to borrow money to protect assets or to facilitate liquidation and distribution and to pledge assets as security therefor, which petition shall be heard by the court upon such notice to all parties in interest as the court shall direct, and such loans may be obtained and assets pledged as security therefor upon such terms and conditions as may be deemed expedient and necessary; (d) To make and carry out agreements with the insurance corporation or with any other financial institution for the payment or assumption of the association's liabilities, in whole or in part, and to sell, convey, transfer, pledge or assign assets as security or otherwise, and to make guaranties in connection therewith; and (e) To prepare and mail reports on the progress of the receivership to the members of the association, which reports shall be issued semi‑annually, or at more frequent intervals as determined by the Commissioner, with the first report being due not later than 6 months from the date of the receiver's appointment. (Source: P.A. 84‑543.) |
(205 ILCS 105/10‑4) (from Ch. 17, par. 3310‑4) Sec. 10‑4. Expenses of receivership. All expenses incurred by reason of receivership, including compensation to such receiver, accountants or clerical assistants, and reasonable attorneys' fees, approved by the court, shall be paid out of the assets of such association or trust. (Source: P.A. 84‑543.) |
(205 ILCS 105/10‑5) (from Ch. 17, par. 3310‑5) Sec. 10‑5. Notice to creditors. The receiver shall cause notice to be published calling on all persons who may have claims against such association or trust to present the same to such receiver and to make legal proof thereof, and the said claims shall be presented to the court, and the allowance or disallowance of such claims by the court in connection with said proceedings shall be deemed an adjudication in a court of competent jurisdiction. After the expiration of the time specified in such publication, the receiver shall file with the Commissioner and with the clerk of the court a correct list of all creditors and all members of the association or beneficiaries of the trust, as shown by the books and records, who have not presented their claims, and the amount of their respective claims, after allowing all just credits, deductions and setoffs as shown by the books and records. Such claims so filed shall be deemed proven, unless objections are filed thereto by any parties interested therein within such time as shall be fixed by the court and such notice of application for adjudication of such claims shall be given as the court may direct. (Source: P.A. 84‑543.) |
(205 ILCS 105/10‑6) (from Ch. 17, par. 3310‑6) Sec. 10‑6. Distribution by receiver. Claims having a preference in law shall be given preference in payment; except that no payment of less than $10.00 need be made until final distribution. No distribution shall be made on claims for capital until such preferred creditors have been paid or provided for in full, or during the pendency of any suit unless sufficient funds are segregated to pay any judgment which may be rendered in such suit. At any time after the expiration of the published claim date and from time to time, the receiver may make ratable distribution on all such claims as may have been proven to the satisfaction of the receiver, or adjudicated in a court of competent jurisdiction. Final distribution shall be made in accordance with the next succeeding Section of this Article. (Source: P.A. 84‑543.) |
(205 ILCS 105/10‑7) (from Ch. 17, par. 3310‑7) Sec. 10‑7. Final distribution and dissolution by court. When all assets have been liquidated and all claims and expenses have been paid except for the final distribution, dissolution of the association shall be accomplished in the following manner: (a) The receiver shall file with the court the final report of his or her acts and proposed final distribution; (b) Upon the court's approval of the final report, the receiver shall give such notice, and thereafter shall make final distribution, in such manner as the court may direct; (c) When final distribution has been made except as to any unclaimed money, the receiver shall deposit such unclaimed money with the Commissioner and shall deliver to the Commissioner all books of account and other records, in the manner and for the purpose prescribed in the Section of this Act concerning Final Distribution and Dissolution by Commissioner; and (d) Upon completion of the foregoing procedure, and upon the petition of the Commissioner (represented by the Attorney General) and the receiver, the court may find that the association or trust should be dissolved; and after such publication of notice of dissolution as the court may direct, the court may enter a judgment of dissolution. (Source: P.A. 84‑1308.) |
