(205 ILCS 620/2-2) (from Ch. 17, par. 1552-2)
Sec. 2-2.
(a) Whenever application shall be made to any
court in this State for the appointment of any receiver,
assignee, guardian, executor, administrator or other trustee or
fiduciary appointed by the court, it shall be lawful for such
court to appoint any corporate fiduciary as such trustee,
fiduciary, receiver, assignee, guardian, executor or
administrator. Provided, any such appointment as guardian shall
apply to the estate only, and not to the person.
(b) Any court having appointed and having jurisdiction of
any receiver, executor, administrator, guardian, assignee or
other trustee or fiduciary appointed by the court, upon the
application of such officer, trustee or fiduciary, or upon the
application of any person having an interest in the estate
administered by such officer, trustee or fiduciary, after such
notice to the other parties in interest as the court may direct,
and after a hearing upon such application, may order such
officer, trustee or fiduciary to deposit any moneys then in his,
her or its custody, or which may come into his, her or its
custody thereafter, and until the further order of the court,
with any corporate fiduciary, and upon deposit of such money, and
its receipt and acceptance by the corporate fiduciary, the
officer, trustee or fiduciary shall be discharged from further
care or responsibility therefor. Such deposits shall be paid out
only upon the orders of said court.
(c) Whenever, in the judgment of any court having
jurisdiction of any estate in process of administration by any
assignee, receiver, executor, administrator, guardian, or other
trustee or fiduciary, the bond required by law of such officer
shall seem burdensome or excessive, upon application of such
officer, trustee or fiduciary, and after such notice to the
parties in interest as the court shall direct, and after a
hearing on such application, the court may order the officer,
trustee or fiduciary to deposit with any corporate fiduciary for
safe keeping, such portion or all of the personal assets of the
estate as it shall deem proper, and thereupon, the court shall,
by an order entered of record, reduce the bond to be given, or
theretofore given by such officer, trustee or fiduciary, so as to
cover only the estate remaining in the custody of the officer,
trustee or fiduciary, and the property as deposited shall
thereupon be held by the corporate fiduciary under the orders and
directions of the court.
(Source: P.A. 85-858.)
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