Illinois General Assembly - Illinois Compiled Statutes

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760 ILCS 65/9

(760 ILCS 65/9) (from Ch. 17, par. 2009)

Sec. 9.

Notwithstanding any other law, if a fiduciary makes a deposit in
a bank to his personal credit of
checks drawn by him upon an account in his own name as fiduciary, or of
checks payable to him as fiduciary, or of checks drawn by him upon an
account in the name of his principal if he is empowered to draw checks
thereon, or of checks payable to his principal and indorsed by him, if he
is empowered to indorse such checks, or if he otherwise makes a deposit of
funds held by him as fiduciary, the bank receiving such deposit is not
bound to inquire whether the fiduciary is committing thereby a breach of
his obligation as fiduciary; and the bank is authorized to pay the amount
of the deposit or any part thereof upon the personal check of the fiduciary
without being liable to the principal, unless the bank receives the deposit
or pays the check with actual knowledge that the fiduciary is committing a
breach of his obligation as fiduciary in making such deposit or in drawing
such check, or with knowledge of such facts that its action in receiving
the deposit or paying the check amounts to bad faith.

(Source: P.A. 90-665, eff. 7-30-98.)