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
soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
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.
(735 ILCS 5/15-1702)
(from Ch. 110, par. 15-1702)
Specific Rules of Possession.
(a) Mortgagee's Rights. No
mortgagee shall be required to take possession of the mortgaged real
estate, whether upon application made by any other party or otherwise.
Whenever a mortgagee entitled to possession so requests, the court shall
appoint a receiver. The failure of a mortgagee to request possession or
appointment of a receiver shall not preclude a mortgagee otherwise entitled
to possession from making such a request at any future time.
The appointment of a receiver shall not preclude a mortgagee from thereafter
seeking to exercise such mortgagee's right to be placed in possession.
(b) Designation of Receivers. Whenever a receiver is to be appointed,
the mortgagee shall be entitled to designate the receiver. If the mortgagor or
any other party to the foreclosure objects to any such designation
or designations and shows good cause, or the court disapproves the
designee, the mortgagee in such instance shall
be entitled to make another designation.
(c) Rights of Mortgagee Having Priority. If a mortgagee having priority
objects to the proposed possession by a subordinate mortgagee or by a receiver
designated by the subordinate mortgagee, upon entry of a finding in accordance
with subsection (d) of Section 15-1702 the court shall instead place that
objecting mortgagee in possession or, if a receiver is to be designated in
accordance with subsection (b) of Section 15-1702, allow the designation of
the receiver to be made by that objecting mortgagee.
(d) Removal of Mortgagee in Possession. A mortgagee placed in possession
shall not be removed from possession, and no receiver or other mortgagee
shall be placed in possession except upon (i) the mortgagee's misconduct,
death, legal disability or other inability to act, (ii) appointment of a
receiver in accordance with subsection (a) of Section 15-1704 or (iii) a
showing of good cause by a mortgagee having priority. A receiver shall not
be removed solely on account of being designated by a mortgagee later
determined not to have priority.
(e) Determination of Priority. If the court is required to determine
priority for the purposes of subsection (c) of Section 15-1702, a new
determination shall be made each time a mortgagee is to be placed in
possession or a receiver is to be appointed and shall be an interim
determination which shall not preclude the court from making a contrary
determination later in the foreclosure. If the court subsequently shall
make such a contrary determination, a mortgagee in possession or acting
receiver shall not be removed except in accordance with Part 17 of this Article.
(f) Rights to Crops. With respect to any crops growing or to be grown
on the mortgaged real estate, the rights of a holder of any obligation
secured by a collateral assignment of beneficial interest in a land trust,
the rights of a mortgagee in possession, or the rights of a receiver,
including rights by virtue of an equitable lien, shall be subject to a
security interest properly perfected pursuant to
Article 9 of the Uniform Commercial Code, where the holder of a
collateral assignment, mortgagee in possession, or receiver becomes
entitled to crops by obtaining possession on or after the effective date of
this Amendatory Act of 1988.
(Source: P.A. 85-1427.)