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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB2405
Introduced 2/17/2005, by Rep. Dan Reitz SYNOPSIS AS INTRODUCED:
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Amends the Grain Code. Notwithstanding anything to the contrary, permits a trustee to use moneys in the trust account or any subaccount to preserve the assets of a failed licensee.
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A BILL FOR
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HB2405 |
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LRB094 09564 JAM 39815 b |
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| AN ACT concerning warehouses.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Grain Code is amended by changing Section |
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| 20-20 as follows:
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| (240 ILCS 40/20-20)
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| Sec. 20-20. Liquidation expenses.
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| (a) The Trustee shall pay from the Trust Account all
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| reasonable expenses incurred by the trustee on or after the |
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| date of failure in
reference to seizing, preserving, and |
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| liquidating the grain assets,
equity assets, collateral, and |
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| guarantees of or relating to a failed
licensee,
including, but |
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| not limited to, the hiring of temporary field
personnel, |
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| equipment rental, auction expenses, mandatory commodity |
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| check-offs,
and clerical
expenses. Notwithstanding anything to |
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| the contrary, the Trustee may use money in the Trust Account, |
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| and any subaccount, to pay for the preservation of any asset of |
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| any failed licensee.
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| (b) Except as to claimants holding valid claims, any
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| outstanding indebtedness of a failed licensee that has accrued
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| before the date of failure shall not be paid by the Trustee and
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| shall represent a separate cause of action of the creditor |
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| against
the failed licensee.
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| (c) The Trustee shall report all expenditures paid from the
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| Trust Account to the Corporation at least annually.
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| (d) To the extent assets are available under subsection (g) |
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| of Section
25-20 and upon presentation of documentation |
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| satisfactory to the Trustee, the
Trustee shall transfer from |
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| the Trust Account to the Regulatory Fund an amount
not to |
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| exceed the expenses incurred by the Department in performance |
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| of its
duties under Article 20 of this Code, in reference to |
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| the failed licensee.
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