Illinois Compiled Statutes 240 Warehouses: Article 20 - Failure; Liquidation

• Illinois Grain Code. - 240 ILCS 40, Section 20-5
  Failure. Upon the failure of a licensee, the Director has all powers as Trustee for the benefit of claimants as established under this Code,...
• Illinois Grain Code. - 240 ILCS 40, Section 20-10
  Lien on grain assets and equity assets. (a) A statutory lien shall be imposed on all grain assets and equity assets in favor of...
• Illinois Grain Code. - 240 ILCS 40, Section 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...
• Illinois Grain Code. - 240 ILCS 40, Section 20-20
  Liquidation expenses; Asset Preservation Account. (a) The Trustee shall pay from the Trust Account all reasonable expenses incurred by the trustee on or after the...
• Illinois Grain Code. - 240 ILCS 40, Section 20-25
  Refusal of licensee to allow liquidation. (a) If, after a failure, the failed licensee does not transfer control of the grain assets to the...

Last modified: February 18, 2015