(205 ILCS 620/1-5.05) (from Ch. 17, par. 1551-5.05)
Sec. 1-5.05.
Corporate fiduciary.
"Corporate fiduciary" means a trust
company; the trust department of a bank, savings bank,
savings and loan association, or foreign banking corporation issued a
certificate of authority pursuant to the Foreign Banking Office Act; or
any person that is required to and has received a
certificate of
authority
under this Act authorizing the exercise of trust powers.
The term "corporate fiduciary" also includes a national bank or federally
chartered savings and loan association or savings bank which is authorized
by the appropriate federal agency to accept and execute trusts and which
has its principal place of business in this State, whenever in this Act
such construction is necessary so that the national bank or federally
chartered savings and loan association or savings bank may enjoy and
exercise in this State all of the powers, rights and privileges authorized
or permitted to a corporate fiduciary holding a certificate of authority
under this Act.
(Source: P.A. 89-364, eff. 8-18-95; 89-567, eff. 7-26-96.)
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