(215 ILCS 5/191) (from Ch. 73, par. 803)
Sec. 191.
Title to property of company.
The Director and his successor and successors in office shall be vested
by operation of law with the title to all property, contracts, and rights
of
action of the company as of the date of the order directing rehabilitation
or liquidation. The Director is entitled to immediate possession and control
of all property, contracts, and rights of action of the company, and is further
authorized and directed to remove any and all records and property of the
company to the Director's possession and control or to such other place as may
be convenient for the purposes of efficient and orderly administration of the
rehabilitation or liquidation. All persons, companies, and entities shall
immediately release their possession and control of any and all property,
contracts, and rights of action of the company to the Director including, but
not limited to, bank accounts and bank records, premium and related records,
and claim, underwriting, accounting, and litigation files. The entry of an
order of rehabilitation or liquidation creates an estate that comprises all of
the liabilities and assets of the company. The filing or recording of such
order in the office of the
recorder or the Registrar of Titles in any county of this State
shall impart the same notice that a deed, bill of sale or other evidence of
title duly filed for record by such company would have imparted.
(Source: P.A. 89-206, eff. 7-21-95.)
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