2005 Illinois Code - Chapter 205 Financial Regulation 205 ILCS 625/ Illinois Trust and Payable on Death Accounts Act.
(205 ILCS 625/1) (from Ch. 17, par. 2131)
Sec. 1.
This Act may be cited as the "Illinois Trust and Payable on
Death Accounts Act".
(Source: P.A. 84‑461.)
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(205 ILCS 625/2) (from Ch. 17, par. 2132)
Sec. 2.
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 in Section 1007.75 of the
Savings Bank Act,
or any credit union as defined in
Section 1.1 of the Illinois Credit Union Act, and similar federal institutions.
(b) "Account" includes any account, deposit, certificate of deposit,
withdrawable capital account or credit union share in any institution.
(Source: P.A. 92‑285, eff. 1‑1‑02.)
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(205 ILCS 625/3) (from Ch. 17, par. 2133)
Sec. 3.
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 persons designated as a beneficiary or
beneficiaries, the account and any balance therein which exists from time
to time shall be held as a trust account and unless otherwise agreed in
writing between the person or persons opening or holding the account and the institution:
(a) If two or more persons are designated trustees of the account, as
between them they shall hold the account and all balances therein which
exist from time to time as joint tenants with right of survivorship and not
as tenants in common;
(b) Any trustee during his or her lifetime may change any of the
designated beneficiaries without the knowledge or consent of the other
trustees or the beneficiaries by a written instrument accepted by the institution;
(c) Any trustee may make additional deposits to and withdraw any part or
all of the account at any time without the knowledge or consent of the
other trustees or the beneficiaries, subject to the bylaws and regulations
of the institution, and all withdrawals shall constitute a revocation of the
agreement as to the amount withdrawn; and
(d) Upon the death of the last surviving trustee the person designated
as the beneficiary who is then living shall be the sole holder of the
account, unless more than one beneficiary is named and then living in which
case said beneficiaries shall hold the account in equal shares as tenants
in common. If no beneficiary is then living, the proceeds shall vest in
the estate of the last surviving trustee.
(Source: P.A. 84‑461.)
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(205 ILCS 625/4) (from Ch. 17, par. 2134)
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 another person or persons, the account, and any balance
therein which exists from time to time, shall be held as a payment on death
account and unless otherwise agreed in writing between the person or
persons opening
or holding the account and the institution:
(a) Any holder during his or her lifetime may change any of the
designated persons to own the account at the death of the
last surviving holder without the
knowledge or consent of any other holder or the designated persons
by a
written instrument
accepted by the institution;
(b) Any holder may make additional deposits to and withdraw any
part or
all of the account at any time without the knowledge or consent of any other
holder or the
designated person or persons to own the account at the death
of the last surviving holder,
subject to the bylaws and regulations of the institution, and all
withdrawals shall constitute a revocation of the agreement as to the amount
withdrawn; and
(c) Upon the death of the last surviving holder of the account, the
person so
designated to be the owner of the account who is then living shall be the
sole owner of the account, unless more than one person is so designated and
then living in which case those persons shall hold the account in
equal
shares as tenants in common with no right of survivorship as between those
persons. If no person designated as the owner of the
account on the death of the last surviving holder is then living, the
proceeds shall vest
in the estate of the last surviving holder of the account.
(Source: P.A. 92‑285, eff. 1‑1‑02.)
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(205 ILCS 625/5) (from Ch. 17, par. 2135)
Sec. 5.
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 claims of any person
claiming an interest in the account for such payment so made.
(Source: P.A. 84‑461.)
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