Sec. 11-31-2.3. If a receiver is appointed pursuant to Section 11-31-2 of this Act, the applicant's bond shall be excused.
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/il/chapter-65/act-5/11-31-2-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 11-31-2.3. If a receiver is appointed pursuant to Section 11-31-2 of this Act, the applicant's bond shall be excused. The court also may excuse the surety on the receiver's bond upon a showing that the receiver is especially qualified for the appointment. Evidence of special qualifications shall include but not be limited to:
(a)satisfactory past performance as a receiver;
(b)prior real estate management or development experience;
(c)licensure or certification in a relevant profession or occupation; or
(d)specialized training as a receiver.