(240 ILCS 40/20-5)
Sec. 20-5.
Failure.
Upon the failure of a licensee, the
Director has all powers as Trustee for the benefit of claimants as
established under this Code, including, but not limited to, the
power to do the following:
(a) Seize or otherwise gain possession or control of grain
assets
(except the Department may not seize or otherwise gain possession or control
of any equity asset on which there is a valid security interest or other lien
without the prior, written permission of the secured party or lien holder),
equity assets, and collateral and enforce the lien set forth in Section
20-10.
(b) Protect the grain assets, equity assets
(to the extent the Department has received the written permission of any
secured party or lien holder to take possession and control of the equity
asset),
and collateral
of or relating to a failed licensee in the possession or under the
control of the Department for the benefit of claimants, secured parties, and
lien holders.
(c) Liquidate and collect upon all grain assets, equity
assets
(except the Department may not liquidate and collect upon any equity asset on
which there is a valid security interest or other lien without the prior,
written permission of the secured party or the lien holder),
collateral and guarantees posted with the Department of or
relating to a failed licensee, and deposit the proceeds into
the Trust Account.
(d) Establish accounts in federally insured financial
institutions and hold all moneys received as trustee.
(e) Request the transfer of moneys from the Fund to the Trust
Account for the purpose of payment to claimants in accordance with
Section 25-10.
(f) Disburse the funds in the Trust Account in accordance
with this Code.
(Source: P.A. 89-287, eff. 1-1-96.)
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