Illinois appeal courts affirm mortgagee's right to appointment of a receiver


As in many other jurisdictions, a foreclosure of commercial real property in the State of Illinois may take from several months to more than a year to complete before a mortgagee obtains title to the property. To protect and preserve the value of the property during the foreclosure process, many mortgagees seek the appointment of a court appointed receiver to manage and operate the property. A receiver's powers and duties may include collecting rent and other income, securing prospective tenants, preserving existing tenants, insuring the property, employing custodians and counsel, and paying real estate taxes and other payables.

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