Disqualification from appointment as receiver; disclosure of interest

(765 ILCS 1090/7)     Sec. 7. Disqualification from appointment as receiver; disclosure of interest.     (a) Any person, whether or not a resident of this State, may serve as a receiver unless the person is disqualified under this Act.     (b) The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified.     (c) Except as otherwise provided in subsection (d), a person is disqualified from appointment as receiver if the person:         (1) is an affiliate of a party or the judge presiding     over the receivership;        (2) has an interest materially adverse to an interest     of a party;        (3) has a material financial interest in the outcome     of the action, other than compensation the court may allow the receiver;        (4) has a debtor-creditor relationship with a party;         (5) holds an equity interest in a party, other than a     noncontrolling interest in a publicly traded company;        (6) is a sheriff of any county; or         (7) is otherwise prohibited from acting as an agent     of the court under the laws of this State.    (d) A person is not disqualified from appointment as receiver solely because the person:         (1) was appointed receiver or is owed compensation in     an unrelated matter involving a party or was engaged by a party in a matter unrelated to the receivership;         (2) is an individual obligated to a party on a debt     that is not in default and was incurred primarily for personal, family, or household purposes; or        (3) maintains with a party a deposit account as     defined in Section 9-102(a)(29) of the Uniform Commercial Code.    (e) A person seeking appointment of a receiver may nominate a person to serve as receiver, but the court is not bound by the nomination. (Source: P.A. 104-34, eff. 1-1-26.)