205 ILCS 625/1
This Act may be cited as the "Illinois Trust and Payable on Death Accounts Act"
This Act may be cited as the "Illinois Trust and Payable on Death Accounts Act". (Source: P.A. 84-461.)
Illinois Compiled Statutes 205 ILCS 625 — Illinois Trust and Payable on Death Accounts Act.
Illinois · statute · 205 ILCS 625 · 7 active provisions
205 ILCS 625/2
Definitions
Definitions. As used in this Act, the following words have the meanings ascribed to them as set forth herein: (a) "Institution" includes any bank as defined in Section 2 of the Illinois Banking Act, any association as defined in Section 1-10.03 of the Illinois Savings and Loan Act, any insured savings bank as defined i…
205 ILCS 625/3
Trust Account Incidents
Trust Account Incidents. If one or more persons opening or holding an account sign an agreement with the institution providing that the account shall be held in the name of a person or persons designated as trustee or trustees for one or more designated beneficiaries, the account and any balance therein which exists fr…
205 ILCS 625/4
(Text of Section before amendment by P
(Text of Section before amendment by P.A. 104-123) Sec. 4. Payable on Death Account Incidents. If one or more persons opening or holding an account sign an agreement with the institution providing that on the death of the last surviving person designated as holder the account shall be paid to or held by one or more des…
205 ILCS 625/5
Release
Release. Any payments made by an institution in compliance with this Act prior to the receipt of notice of an adverse claim or a restraining order shall be a complete discharge of the institution's obligations as to the amount so paid, and the institution shall, to the extent of each such payment, be released from all…
205 ILCS 625/10
Distribution by institution
Distribution by institution. Upon the death of the last surviving trustee or holder of the account, the institution that maintains the account shall distribute the proceeds to the beneficiary or beneficiaries designated in the agreement controlling the account without further liability. No institution, however, shall b…
205 ILCS 625/15
Application of amendments
Application of amendments. Section 10 and the other changes to this Act made by this amendatory Act of the 96th General Assembly apply to all accounts subject to this Act regardless of the date of execution of the agreement controlling the account. (Source: P.A. 96-1151, eff. 7-21-10.)