(735 ILCS 5/2-415)
(from Ch. 110, par. 2-415)
Appointment of and actions against receivers.
any receiver shall be appointed the party making the application shall give
bond to the adverse party in such penalty as the court may order and with
security to be approved by the court conditioned to pay all damages including
reasonable attorney's fees sustained by reason of the
appointment and acts of such receiver, in case the appointment of such receiver
is revoked or set aside. Bond need not be required, when for good cause
shown, and upon notice and full hearing, the court is of the
opinion that a receiver ought to be appointed without such bond.
(b) On an application for the appointment of a receiver, the court may,
in lieu of appointing a receiver, permit the party in possession to retain
such possession upon giving bond with such penalty and with such security
and upon such condition as the court may order and approve; and the court
may remove a receiver and restore the property to the possession of the
party from whom it was taken upon the giving of a like bond.
(c) Every receiver of any property
appointed by any court of this State may be sued in respect of any act
or transaction of the receiver in carrying on the business connected with the
property, without the previous leave of the court in which the receiver
was appointed; but the action shall be subject to the jurisdiction of the
court in which the receiver was appointed, so far as the same is
necessary to the ends of justice.
(Source: P.A. 83-707.)