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755 ILCS 5/24-21
(755 ILCS 5/24-21) (from Ch. 110 1/2, par. 24-21)
Sec. 24-21. Deposit or investment of money of a ward, subject to
court order. (a) If the estate of a ward consists only of money, on
the petition of the representative of the estate or of the
representative of an estate of which the ward is a legatee or heir, or
of any other interested person, or on its own motion, the court may, if
it appears practicable and to the best interests of the ward to do so,
order the money (1) deposited in a bank to the credit of the ward at
interest or otherwise but, unless otherwise authorized by the court, only
to an amount not exceeding the amount for which it
is insured by the Federal Deposit Insurance Corporation, or (2)
deposited in any state or federal savings and loan association but, unless
otherwise authorized by the court, only to an
amount not exceeding the amount for which it is insured by the Federal
Savings and Loan Insurance Corporation, or (3) invested in United States
obligations and deposited for safekeeping for the account of the ward in
a bank or trust company qualified to accept and execute trusts in this
State, or with the Secretary of the Treasury of the United States or in
a Federal Reserve Bank or in such other agency as may be designated by
the Secretary of the Treasury, or (4) invested in shares of any state
or federal credit union to the credit of the ward at interest or otherwise
to an amount not exceeding the amount for which said shares are insured
as required by The Illinois Credit Union Act or the Federal Credit Union
Act, as applicable, or (5) deposited in a qualified tuition program under Section 529 of the Internal Revenue Code. The receipt of the bank or trust company
constitutes a voucher for accounting purposes. Amounts deposited pursuant
to clauses (1), (2) and (4) herein, in excess of the amount
insured by the United States or any agency thereof shall be secured by a
surety bond taken from a surety authorized to transact business in this
State in such sum, under such conditions and with such security sufficient
to save the estate from loss.
(b) If a representative of the estate has been appointed for a ward,
the court may direct the representative to file a final account and
excuse him from further duty and release him and the sureties on his
bond, until further order of court.
(c) On the petition of the spouse, parent or person standing in loco
parentis to or having responsibility for the custody or support of the
ward, the court may order any money so deposited or invested to be
withdrawn and used for the comfort, support, education or other benefit
of the ward or his dependents. The petitioner shall appear in open
court unless his appearance is excused by the court and shall furnish
such evidence of the necessity for the withdrawal as the court may
require. The bank of deposit or agency for safekeeping shall be
released in making payment or delivery (1) in accordance with the order
of the court, (2) directly to the ward upon his attaining legal age or
restoration, as the case may be, or (3) directly to the representative
of the ward in case of his death, and in any such case it may not be
required to see to the application or disposition of the funds or
property.
(Source: P.A. 102-189, eff. 1-1-22.)
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