(205 ILCS 5/54) (from Ch. 17, par. 366)
Sec. 54.
Commissioner's possession; limitation of actions.
Except when the Federal Deposit Insurance Corporation has taken possession of
the bank or is acting as receiver, if the Commissioner has taken possession and
control of a state bank
and its assets, there shall be a postponement until 6 months after the
commencement of such possession of the date upon which any period of
limitation fixed by a statute or agreement would otherwise expire on a
claim or right of action of the bank, or upon which an appeal must be taken
or a pleading or other document must be filed by the bank in any pending
action or proceeding. No judgment, lien, levy, attachment or
other similar legal process shall be enforced upon or satisfied in whole or
in part from any asset of the bank while it is in the possession of the
Commissioner, except upon the order of the court referred to in Section
53 entered in due course pursuant to Section 65 of this Act. The
provisions of this Section shall continue to apply and shall govern
notwithstanding the appointment of and the possession by a receiver
pursuant to Section 58 of this Act.
(Source: P.A. 89-364, eff. 8-18-95.)
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