Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
240 ILCS 40/20-15
(240 ILCS 40/20-15)
Sec. 20-15.
Liquidation procedures.
When a licensee
experiences a failure, the Department has the authority to and shall:
(a) Immediately post notice at all locations of the failed
licensee stating that the licensee has experienced a failure and
that the license has been terminated and is no longer effective.
(b) Immediately take physical control and possession of the
failed licensee's facility, including but not limited to all
offices and grain storage facilities, books, records, and any other
property necessary or desirable to liquidate grain assets and equity assets.
(c) Give public notice and notify all known potential
claimants by certified mail of the licensee's
failure and the processes necessary to file grain claims with the
Department as set forth in Section 25-5.
(d) Perform an examination of the failed licensee.
(e) Seize and take possession of, protect, liquidate, and collect upon
all grain
assets, collateral, and guarantees of or relating to the failed
licensee and deposit the proceeds into the Trust Account. If at any time it
appears, however, in the
judgment of the Department that the costs of seizing and taking possession of,
protecting, liquidating, and collecting upon any or all of the grain
assets,
collateral, and guarantees equals or exceeds the expected recovery
to the Department, the Department may elect not to pursue
seizing and taking possession of, protecting, liquidating, and collecting
upon any or all
of
the assets.
(f) Seize, take possession of, protect, liquidate, and collect upon the
equity
assets of the failed licensee and deposit the proceeds into the Trust
account if the
Department has first obtained the written consent of all applicable secured
parties or lien holders,
if any. If at any time it appears, however,
in the judgment of the
Department that the costs of seizing and taking possession of, protecting,
liquidating, and
collecting upon any or all of the equity assets equals or exceeds
the expected recovery to the Department, the Department may
elect not to pursue seizing and taking possession of, protecting,
liquidating, and
collecting upon any or all of the equity assets. If the
Department does not otherwise pursue seizing and taking possession of,
protecting, liquidating, and
collecting upon any of the equity assets, the Department may bring or
participate in any liquidation or collection proceedings involving
the applicable secured parties or other interested party, if
any, and shall have the rights and remedies provided by law, including the
right to enforce its lien by any available judicial procedure.
If an applicable secured party or lien holder does not consent to the
Department seizing, taking possession of, liquidating, or collecting upon the
equity assets, the secured party or lien holder shall have the rights and
remedies provided by law or by agreement with the licensee or failed licensee,
including the right to enforce its security interest or lien by any available
judicial procedure.
(g) Make available on demand to an applicable secured party or lien holder
the equity asset, to the extent the Department seized or otherwise
gained possession or control of the equity asset, but the secured party or lien
holder does not consent to the Department liquidating and collecting upon the
equity asset.
(Source: P.A. 93-225, eff. 7-21-03.)
|
|
