Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

205 ILCS 620/1-5.05

(205 ILCS 620/1-5.05) (from Ch. 17, par. 1551-5.05)

Sec. 1-5.05.

Corporate fiduciary.

"Corporate fiduciary" means a trust
company; the trust department of a bank, savings bank,
savings and loan association, or foreign banking corporation issued a
certificate of authority pursuant to the Foreign Banking Office Act; or
any person that is required to and has received a
certificate of
authority
under this Act authorizing the exercise of trust powers.
The term "corporate fiduciary" also includes a national bank or federally
chartered savings and loan association or savings bank which is authorized
by the appropriate federal agency to accept and execute trusts and which
has its principal place of business in this State, whenever in this Act
such construction is necessary so that the national bank or federally
chartered savings and loan association or savings bank may enjoy and
exercise in this State all of the powers, rights and privileges authorized
or permitted to a corporate fiduciary holding a certificate of authority
under this Act.

(Source: P.A. 89-364, eff. 8-18-95; 89-567, eff. 7-26-96.)