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Public Act 92-0285
HB1051 Enrolled LRB9206833JSpc
AN ACT concerning payable on death accounts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Trust and Payable on Death
Accounts Act is amended by changing Sections 2 and 4 as
follows:
(205 ILCS 625/2) (from Ch. 17, par. 2132)
Sec. 2. Definitions. As used in this Act, the following
words have the meanings ascribed to them as set forth herein:
(a) "Institution" includes any bank as defined in
Section 2 of the "Illinois Banking Act", approved May 11,
1955, as amended, any association as defined in Section
1-10.03 of the "Illinois Savings and Loan Act", approved July
5, 1955, as amended, any insured savings bank as defined in
Section 1007.75 of the Savings Bank Act, or any credit union
as defined in Section 1.1 of the "Illinois Credit Union Act",
approved August 30, 1979, as amended, and similar federal
institutions.
(b) "Account" includes any account, deposit, certificate
of deposit, withdrawable capital account or credit union
share in any institution.
(Source: P.A. 84-461.)
(205 ILCS 625/4) (from Ch. 17, par. 2134)
Sec. 4. Payable on Death Account Incidents. If one or
more persons a person opening or holding an account sign
signs an agreement with the institution providing that on the
death of the last surviving person designated as holder the
account shall be paid to or held by another person or
persons, the account, and any balance therein which exists
from time to time, shall be held as a payment on death
account and unless otherwise agreed in writing between the
person or persons opening or holding the account and the
institution:
(a) Any The holder during his or her lifetime may change
any of the designated persons to own the account at the his
or her death of the last surviving holder without the
knowledge or consent of any other holder or the said
designated persons by a written instrument accepted by the
institution;
(b) Any The holder may make additional deposits to and
withdraw any part or all of the account at any time without
the knowledge or consent of any other holder or the
designated person or persons to own the account at the his or
her death of the last surviving holder, 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withdrawn; and
(c) Upon the death of the last surviving holder of the
account, the person so designated to be the owner of the
account who is then living shall be the sole owner of the
account, unless more than one person is so designated and
then living in which case those said persons shall hold the
account in equal shares as tenants in common with no right of
survivorship as between those persons. If no person
designated as the owner of the account on the death of the
last surviving holder is then living, the proceeds shall vest
in the estate of the last surviving holder of the account.
(Source: P.A. 84-461.)
Passed in the General Assembly May 17, 2001.
Approved August 09, 2001.
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