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90_HB3285
205 ILCS 305/68.5 new
205 ILCS 605/6 new
Amends the Illinois Credit Union Act and the Consumer
Deposit Account Act. provides that deposit accounts opened
in the name of 2 or more persons shall be presumed to be
owned as joint tenants with the right of survivorship.
LRB9008739JSgc
LRB9008739JSgc
1 AN ACT concerning joint ownership of certain property,
2 amending named Acts.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Credit Union Act is amended by
6 adding Section 68.5 as follows:
7 (205 ILCS 305/68.5 new)
8 Sec. 68.5. Ownership of joint accounts. Credit unions
9 are subject to and must comply with the provisions of Section
10 6 of the Consumer Deposit Account Act.
11 Section 10. The Consumer Deposit Account Act is amended
12 by adding Section 6 as follows:
13 (205 ILCS 605/6 new)
14 Sec. 6. Ownership of joint accounts.
15 (a) Unless otherwise expressly provided in a contract,
16 agreement, or signature card executed in connection with the
17 opening or maintenance of any account including, but not
18 limited to, a certificate of deposit and a safety deposit
19 box, a deposit account in the name of 2 or more persons shall
20 be presumed have been intended to provide that upon the death
21 of any one of them, all rights, title, interest, and claim
22 in, to, and in respect of the deposit account, less all
23 proper setoffs and charges in favor of the financial
24 institution, vest in the surviving person or persons.
25 (b) The presumption created in this Section may be
26 overcome only by proof of fraud or undue influence or clear
27 and convincing proof of a contrary intent. In the absence of
28 such proof, all rights, title, interest, and claims in, to,
29 and in respect of such deposits and accounts and the
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1 additions thereto, and the obligation of the institution
2 created thereby, less all proper setoffs and charges in favor
3 of the institution against any one or more of such persons,
4 upon the death of any such person, vest in the surviving
5 person or persons, notwithstanding the absence of proof of
6 any donative intent or delivery, possession, dominion,
7 control, or acceptance on the part of any person and
8 notwithstanding that the provisions of this Section may
9 constitute or cause a vesting or disposition of property or
10 rights or interests therein, testamentary in nature, that,
11 except for the provisions of this Section, would or might
12 otherwise be void or voidable.