Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 700/20

(205 ILCS 700/20)

Sec. 20.

Requirement of court order or indemnity bond.

(a) A financial institution shall recognize an adverse claim to, or an
adverse claim of authority to control, a deposit account if the person making
the claim obtains and serves upon the financial institution a certified copy
of an appropriate order, by a court having jurisdiction, restraining any
action with respect to the deposit account or instructing the financial
institution to pay the balance of the deposit account or to deliver the
property in the deposit account, in whole or in part, as provided in the
order, until further order of the court.

(b) A financial institution may, in its sole discretion, recognize an
adverse claim to, or adverse claim of authority to control, a deposit account
if the person making the claim delivers to the financial institution a bond, in
a form and amount and with sureties satisfactory to the financial institution,
indemnifying the financial institution against any liability, loss, or expense
that the financial institution might incur because of its recognition of the
adverse claim or because of its refusal by reason of the claim to honor any
check or order of, or to deliver any property to, the depositor.

(Source: P.A. 89-601, eff. 8-2-96; 90-163, eff. 7-23-97.)