205 ILCS 700/ Adverse Claims to Deposit Accounts Act.

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FINANCIAL REGULATION
(205 ILCS 700/) Adverse Claims to Deposit Accounts Act.

205 ILCS 700/1

(205 ILCS 700/1)

Sec. 1.

Short title.

This Act may be cited as the Adverse Claims to Deposit Accounts Act.

(Source: P.A. 89-601, eff. 8-2-96.)

205 ILCS 700/5

(205 ILCS 700/5)

Sec. 5.

Definitions.

As used in this Act, the following words have the
meaning ascribed to them in this Section.

"Financial institution" means a "State bank", "national bank", "trust
company", or "insured savings association", as those terms are defined in
Section 2 of the Illinois Banking Act.

"Deposit account" includes without limitation any demand deposit account,
checking account, negotiable order of withdrawal account, money market account,
savings account, share account, member account, stock deposit account,
certificate of deposit, time deposit, open account, or other credit of a
depositor with a financial institution and property held in safe-deposit
whether by the financial institution or in a safe-deposit box or other leased
receptacle.

"Depositor" means a person who, by agreement with a financial institution,
has the right to issue orders or instructions concerning a deposit account.

"Person" includes without limitation an individual, a public or private
corporation, a government, a partnership, an unincorporated association, and
any other legal entity.

(Source: P.A. 89-601, eff. 8-2-96.)

205 ILCS 700/10

(205 ILCS 700/10)

Sec. 10. Application of Act. This Act shall not preempt:

(1) the Revised Uniform Unclaimed Property Act, nor

shall any provision of this Act be construed to relieve any holder, including a financial institution, from reporting and remitting all unclaimed property, including deposit accounts, under the Revised Uniform Unclaimed Property Act;

(2) the Uniform Commercial Code, nor shall any

provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the Uniform Commercial Code;

(3) the provisions of Section 2-1402 of the Code of

Civil Procedure, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under Section 2-1402 of the Code of Civil Procedure;

(4) the provisions of Part 7 of Article II of the

Code of Civil Procedure, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the provisions of Part 7 of Article II of the Code of Civil Procedure;

(5) the provisions of Article XXV of the Probate Act

of 1975, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the provisions of Article XXV of the Probate Act of 1975; or

(6) the Safety Deposit Box Opening Act, nor shall any

provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the Safety Deposit Box Opening Act.

(Source: P.A. 100-22, eff. 1-1-18.)

205 ILCS 700/15

(205 ILCS 700/15)

Sec. 15.

Recognition of claims.


In the absence of a court order or indemnity bond as required by this Act,
a financial institution shall not be
required
to
recognize any claim to, or any claim of authority to, exercise control over a
deposit account held by the financial institution made by a person
other than the depositor.

(Source: P.A. 89-601, eff. 8-2-96.)

205 ILCS 700/20

(205 ILCS 700/20)

Sec. 20.

Requirement of court order or indemnity bond.

(a) A financial institution shall recognize an adverse claim to, or an
adverse claim of authority to control, a deposit account if the person making
the claim obtains and serves upon the financial institution a certified copy
of an appropriate order, by a court having jurisdiction, restraining any
action with respect to the deposit account or instructing the financial
institution to pay the balance of the deposit account or to deliver the
property in the deposit account, in whole or in part, as provided in the
order, until further order of the court.

(b) A financial institution may, in its sole discretion, recognize an
adverse claim to, or adverse claim of authority to control, a deposit account
if the person making the claim delivers to the financial institution a bond, in
a form and amount and with sureties satisfactory to the financial institution,
indemnifying the financial institution against any liability, loss, or expense
that the financial institution might incur because of its recognition of the
adverse claim or because of its refusal by reason of the claim to honor any
check or order of, or to deliver any property to, the depositor.

(Source: P.A. 89-601, eff. 8-2-96; 90-163, eff. 7-23-97.)

205 ILCS 700/25

(205 ILCS 700/25)

Sec. 25.

Other rights.

This Act shall not displace or otherwise preclude
any other rights or remedies, whether at law or in equity, available to a
financial institution.

(Source: P.A. 89-601, eff. 8-2-96.)

205 ILCS 700/85

(205 ILCS 700/85)

Sec. 85.

(Amendatory provisions; text omitted).

(Source: P.A. 89-601, eff. 8-2-96; text omitted.)

205 ILCS 700/90

(205 ILCS 700/90)

Sec. 90.

(Amendatory provisions; text omitted).

(Source: P.A. 89-601, eff. 8-2-96; text omitted.)

205 ILCS 700/99

(205 ILCS 700/99)

Sec. 99.

Effective date.

This Act takes effect upon becoming law.

(Source: P.A. 89-601, eff. 8-2-96.)