(765 ILCS 1090/2)

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

Sec. 2. 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 individual;

(ii) a lineal ancestor or descendant, whether by blood or adoption, of:

(I) the individual; or

(II) a companion of the individual;

(iii) a companion of an ancestor or descendant described in clause (ii);

(iv) a sibling, aunt, uncle, great aunt, great uncle, first cousin, niece, nephew, grandniece, or grandnephew of the individual, whether related by the whole or the half blood or adoption, or a companion of any of them; or

(v) any other individual occupying the residence of the individual; and

(B) with respect to a person other than an individual:

(i) another person that directly or indirectly controls, is controlled by, or is under common control with the person;

(ii) an officer, director, manager, member, partner, employee, or trustee or other fiduciary of the person; or

(iii) a companion of, or an individual occupying the residence of, an individual described in clause (i) or (ii).

(3) "Claim" means:

(A) a right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or

(B) a right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.

(4) "Collateral" means the property subject to a lien.

(5) "Companion" means:

(A) the spouse of an individual;

(B) the domestic partner of an individual;

(C) another individual in a civil union with an individual; or

(D) an individual sharing the same residence with another individual.

(6) "Court" means a circuit court of this State. In the context of a foreign receiver, the court means the court of the state that appointed the foreign receiver.

(7) "Debtor" means a person having an interest, other than a lien, in collateral, whether or not the person is liable for the secured obligation. The term includes a mortgagor.

(8) "Executory contract" means a contract, including a lease, under which each party has an unperformed obligation and the failure of a party to complete performance would constitute a material breach.

(9) "Foreign receiver" means a receiver appointed by a court in another state.

(10) "Governmental unit" means an office, unit, department, division, bureau, board, commission, or other agency of this State or a subdivision of this State.

(11) "Lien" means a charge against or interest in property to secure payment of a debt or performance of an obligation.

(12) "Mortgage" means a record, however denominated, that creates or provides for a consensual lien on real property or rents, even if it also creates or provides for a lien on personal property.

(13) "Mortgagee" means a person entitled to enforce an obligation secured by a mortgage.

(14) "Mortgagor" means a person that grants a mortgage or a successor in ownership of the real property described in the mortgage.

(15) "Owner" means the person for whose property or business a receiver is appointed.

(16) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, governmental agency, public corporation, or any other legal or commercial entity.

(17) "Proceeds" means the following property:

(A) whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property;

(B) whatever is collected on, or distributed on account of, receivership property;

(C) rights arising out of receivership property;

(D) to the extent of the value of receivership property, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to the property; or

(E) to the extent of the value of receivership property and to the extent payable to the owner or secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to the property.

(18) "Property" means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. The term includes proceeds, products, offspring, rents, or profits of or from the property.

(19) "Receiver" means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this Act or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property.

(20) "Receivership" means a proceeding in which a receiver is appointed.

(21) "Receivership property" means the property of an owner which is described in the order appointing a receiver or a subsequent order. The term includes any proceeds, products, offspring, rents, or profits of or from the property.

(22) "Record", used as a noun, means information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form.

(23) "Rents" means all items that constitute leases, rents, and profits arising from real property under applicable State law.

(24) "Secured obligation" means an obligation the payment or performance of which is secured by a security agreement.

(25) "Secured party" means a person entitled to enforce a secured obligation. The term includes a mortgagee.

(26) "Security agreement" means an agreement that creates or provides for a lien. The term includes a mortgage.

(27) "Sign" means, with present intent to authenticate or adopt a record:

(A) to execute or adopt a tangible symbol; or

(B) to attach to or logically associate with the record an electronic sound, symbol, or process.

(28) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

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