Scope; exclusions

(a) Except as otherwise provided in subsection (b) or (c), this Act applies to a receivership for an interest in any one or more of the following: (1) in real property and any personal property related to or used in operating the real property; (2) in personal property and fixtures; or (3) a person that is not an individual. (b) This Act does not apply to residential real estate as defined under Section 15-1219 of the Illinois Mortgage Foreclosure Law. (c) This Act does not apply to a receivership if the receiver is appointed under: (1) Section 58 of the Illinois Banking Act; (2) Section 10011 of the Savings Bank Act; (3) Section 15.1 of the Currency Exchange Act; (4) Section 6-9 of the Corporate Fiduciary Act; (5) Section 92 of the Transmitters of Money Act; (6) Section 15-1704 of the Illinois Mortgage Foreclosure Law; (7) Section 5 of the Nursing Home Care Act; or (8) any law of this State other than this Act in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the unit, except to the extent provided by the other law. Notwithstanding the foregoing, a governmental unit or an individual acting in an official capacity on behalf of the unit may elect for this Act to apply to a receivership to the extent not inconsistent with the other law. (d) This Act does not limit the authority of a court to appoint a receiver under law of this State other than this Act. (e) Unless displaced by a particular provision of this Act, the principles of law and equity supplement this Act. (Source: P.A. 104-34, eff. 1-1-26 .)