(205 ILCS 625/3) (from Ch. 17, par. 2133)
Sec. 3. Trust Account Incidents. If one or more persons opening or
holding an account sign an agreement with the institution providing that
the account shall be held in the name of a person or persons designated as
trustee or trustees for one or more designated
beneficiaries, the account and any balance therein which exists from time
to time shall be held as a trust account and unless otherwise agreed in
writing between the person or persons opening or holding the account and the institution:
(a) If two or more persons are designated trustees of the account, as
between them they shall hold the account and all balances therein which
exist from time to time as joint tenants with right of survivorship and not
as tenants in common;
(b) Any trustee during his or her lifetime may change any of the
designated beneficiaries without the knowledge or consent of the other
trustees or the beneficiaries by a written instrument accepted by the institution;
(c) Any trustee may make additional deposits to and withdraw any part or
all of the account at any time without the knowledge or consent of the
other trustees or the beneficiaries, subject to the bylaws and regulations
of the institution, and all withdrawals shall constitute a revocation of the
agreement as to the amount withdrawn; and
(d) Upon the death of the last surviving trustee the designated
beneficiary (i) who is then living, if the beneficiary is a natural person, or (ii) that maintains a lawful existence under the state or federal authority pursuant to which it was organized, if the beneficiary is not a natural person, shall be the sole holder of the
account, unless more than one beneficiary is named and then living or in existence, in which
case said beneficiaries shall hold the account in equal shares as tenants
in common. If no beneficiary is then living or in existence, the proceeds shall vest in
the estate of the last surviving trustee.
(Source: P.A. 96-1151, eff. 7-21-10.)
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