240 ILCS 40/20-15
2021 Illinois Compiled Statutes|Chapter 240 - WAREHOUSES|240 ILCS 40/ - Grain Code.|Article 20 - Failure; Liquidation

Sec. 20-15.     Liquidation procedures.     When a licensee  experiences a failure, the Department has the authority to and shall:(a) Immediately post notice at all locations of the failed  licensee stating that the licensee has experienced a failure and  that the license has been terminated and is no longer effective.(b) Immediately take physical control and possession of the  failed licensee's facility, including but not limited to all  offices and grain storage facilities, books, records, and any other  property necessary or desirable to liquidate grain assets and equity assets.(c) Give public notice and notify all known potential  claimants by certified mail of the licensee's  failure and the processes necessary to file grain claims with the  Department as set forth in Section 25-5.(d) Perform an examination of the failed licensee.(e) Seize and take possession of, protect, liquidate, and collect upon  all grain  assets, collateral, and guarantees of or relating to the failed  licensee and deposit the proceeds into the Trust Account. If at any time it  appears, however, in the  judgment of the Department that the costs of seizing and taking possession of,  protecting, liquidating, and collecting upon any or all of the grain  assets,  collateral, and guarantees equals or exceeds the expected recovery  to the Department, the Department may elect not to pursue  seizing and taking possession of, protecting, liquidating, and collecting  upon any or all  of  the assets.(f) Seize, take possession of, protect, liquidate, and collect upon the  equity  assets of the failed licensee and deposit the proceeds into the Trust  account if the  Department has first obtained the written consent of all applicable secured  parties or lien holders,  if any.  If at any time it appears, however,  in the judgment of the  Department that the costs of seizing and taking possession of, protecting,  liquidating, and  collecting upon any or all of the equity assets equals or exceeds  the expected recovery to the Department, the Department may  elect not to pursue seizing and taking possession of, protecting,  liquidating, and  collecting upon any or all of the equity assets.  If the  Department does not otherwise pursue seizing and taking possession of,  protecting, liquidating, and  collecting upon any of the equity assets, the Department may bring or  participate in any liquidation or collection proceedings involving  the applicable secured parties or other interested party, if  any, and shall have the rights and remedies provided by law, including the  right to enforce its lien by any available judicial procedure.If an applicable secured party or lien holder does not consent to the  Department seizing, taking possession of, liquidating, or collecting upon the  equity assets, the secured party or lien holder shall have the rights and  remedies provided by law or by agreement with the licensee or failed licensee,  including the right to enforce its security interest or lien by any available  judicial procedure.(g) Make available on demand to an applicable secured party or lien holder  the equity asset, to the extent the Department seized or otherwise  gained possession or control of the equity asset, but the secured party or lien  holder does not consent to the Department liquidating and collecting upon the  equity asset.    (Source: P.A. 93-225, eff. 7-21-03.)