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The Swinging Pendulum of Equity: How History and Custom Shaped the Development of the Receivership Statute in Illinois

INTRODUCTION 1020 I. THE ORIGINS OF THE COURTS OF CHANCERY 1024 A. Anglo-Saxon Influence on the Common Law 1024 B. Norman Influence on English Law 1029 C. The Development of Chancery in England 1030 D. The Establishment of Chancery in America 1033 II. THE DEVELOPMENT OF MORTGAGE LAW AND THE RIGHT TO REDEEM 1035 A. The Theory of Redemption in England 1035 B. The Right to Redeem in Illinois 1040 C. Three Theories of Mortgage Law in Illinois 1041 III. DEVELOPMENT OF RECEIVERSHIPS 1043 A. Origins of Receivers in England 1044 B. Receiverships in Illinois 1044 1. Early Chancery Decisions 1045 2. Changes in the Early Twentieth Century 1048 C. Creating the Receivership Provision in the Illinois Mortgage Foreclosure Statute 1048 IV. MODERN DAY RECEIVERS IN ILLINOIS 1050 A. General Overview 1050 B. The Benefit of Appointing a Receiver 1050 C. The Basis for Appointing a Receiver 1051