Illinois Compiled Statutes
805 ILCS 5/11.55 (2026)
Sale, lease, exchange, or mortgage of assets in usual and regular course of business
✓ current as of May 2026
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(805 ILCS 5/11.55)
(from Ch. 32, par. 11.55)
Sec. 11.55.
Sale,
lease, exchange, or mortgage of assets in usual and regular course of
business.
The sale, lease, exchange, mortgage, pledge, or other disposition of
all, or substantially all, the property and assets of a corporation, when
made in the usual and regular course of the business of the corporation,
may be made upon such terms and conditions and for such considerations,
which may consist, in whole or in part, of money or property, real or
personal, including shares of any other corporation, domestic or foreign,
as shall be authorized by its board of directors; and in such case no
authorization or consent of the shareholders shall be required.
(Source: P.A. 83-1025.)
Notes of Decisions
Cited in 2
cases, 2010–2010 · leading case: Fritzsche v. Laplante, 927 N.E.2d 218 (Ill. App. Ct. 2010).
Fritzsche v. Laplante, 927 N.E.2d 218 (Ill. App. Ct. 2010). “805 ILCS 5/11.55 (West 2006). Under section 11.”
Fritzsche v. LaPlante (Ill. App. Ct. 2010). “805 ILCS 5/11.55 (West 2006). Under section 11.”
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