Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 700/5

(205 ILCS 700/5)

Sec. 5.

Definitions.

As used in this Act, the following words have the
meaning ascribed to them in this Section.

"Financial institution" means a "State bank", "national bank", "trust
company", or "insured savings association", as those terms are defined in
Section 2 of the Illinois Banking Act.

"Deposit account" includes without limitation any demand deposit account,
checking account, negotiable order of withdrawal account, money market account,
savings account, share account, member account, stock deposit account,
certificate of deposit, time deposit, open account, or other credit of a
depositor with a financial institution and property held in safe-deposit
whether by the financial institution or in a safe-deposit box or other leased
receptacle.

"Depositor" means a person who, by agreement with a financial institution,
has the right to issue orders or instructions concerning a deposit account.

"Person" includes without limitation an individual, a public or private
corporation, a government, a partnership, an unincorporated association, and
any other legal entity.

(Source: P.A. 89-601, eff. 8-2-96.)