735 ILCS 5/15-1702
2021 Illinois Compiled Statutes|Chapter 735 - CIVIL PROCEDURE|735 ILCS 5/ - Code of Civil Procedure.|Article XV - Mortgage Foreclosure

 (from Ch. 110, par. 15-1702)Sec. 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.)