755 ILCS 30/ Third Party Beneficiary Contract Act.

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ESTATES
(755 ILCS 30/) Third Party Beneficiary Contract Act.

755 ILCS 30/0.01

(755 ILCS 30/0.01) (from Ch. 110 1/2, par. 400)

Sec. 0.01.

Short title.

This Act may be cited as the

Third Party Beneficiary Contract Act.

(Source: P.A. 86-1324.)

755 ILCS 30/1

(755 ILCS 30/1) (from Ch. 110 1/2, par. 401)

Sec. 1.

The designation in accordance with the terms of any insurance,
annuity or endowment contract, or the designation in any agreement issued
or entered into by an insurance company in connection therewith,
supplemental thereto or in settlement thereof, or the designation under a
pension, retirement, death benefit, deferred compensation, employment,
agency, stock bonus or profit-sharing contract, plan, system or trust, or
the designation under an account with a securities dealer as defined in
Section 2.7 of the Illinois Securities Law of 1953, as now or hereafter
amended, of any person to be a beneficiary, payee or owner of any right,
title or interest thereunder upon the death of another, or any assignment
of rights under any of the foregoing, shall not be subject to or defeated
or impaired by any statute or rule of law governing the transfer of
property by will, gift or intestacy, even though such designation or
assignment is revocable or the rights of such beneficiary, payee, or owner
or assignee are otherwise subject to defeasance.

(Source: P.A. 86-468.)

755 ILCS 30/2

(755 ILCS 30/2) (from Ch. 110 1/2, par. 402)

Sec. 2.

This act shall apply to such designations made before or after the
effective date of this act by persons who die on or after said date. This
act shall not be deemed to create any implication of invalidity as to any
designation, of the nature herein described, made by any person who dies
before said date or as to any declaration, agreement or contract for the
payment of money or other transfer of property at death not specifically
described herein.

(Source: Laws 1959, p. 1282.)