(765 ILCS 1090/14)

(This Section may contain text from a Public Act with a delayed effective date)

Sec. 14. 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) to enforce a lien against receivership property to the extent the lien secures a claim against the owner which arose before entry of the order.

(b) In addition to any stay provided in this Section, the court may enjoin an act, action, or proceeding against or relating to receivership property, the owner, or the receiver if the injunction is necessary to protect the receivership property or facilitate administration of the receivership.

(c) A person whose act, action, or proceeding is stayed or enjoined under this Section may apply to the court for relief from the stay or injunction for cause, including lack of adequate protection.

(d) An order appointing a receiver does not operate as a stay or injunction of:

(1) an act, action, or proceeding to perfect, or maintain or continue the perfection of, an interest in receivership property, provided that if perfection of an interest would require seizure of receivership property or commencement of an action, the perfection shall instead be accomplished by filing with the court, and by serving upon the receiver, notice of the interest within the time fixed by law for seizure or commencement;

(2) commencement or continuation of a criminal proceeding;

(3) commencement or continuation of an action or proceeding, or enforcement of a judgment other than a money judgment in an action or proceeding, by a governmental unit to enforce its police or regulatory power;

(4) establishment by a governmental unit of a tax liability against the owner or receivership property or an appeal of the liability; or

(5) the exercise of rights of a party to a swap agreement, securities contract, repurchase agreement, commodity contract, forward contract, or master netting agreement, as those terms are defined in the federal Bankruptcy Code, to the extent that a court would not have the power to stay the exercise if the owner were a debtor under the Bankruptcy Code.

(e) The court may void an act that violates a stay or injunction under this Section.

(f) If a person knowingly violates a stay or injunction under this Section, the court may:

(1) award actual damages caused by the violation, reasonable attorney's fees, and costs; and

(2) sanction the violation as civil contempt.

(g) If the stay under this Section enjoins the performance of an act or the commencement of an action or proceeding, the time established by law other than this Act, court order or contract to perform such act or commence such action or proceeding shall be tolled during the stay.

(Source: P.A. 104-34, eff. 1-1-26.)