765 ILCS 1090/7: 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.