Illinois Compiled Statutes
Chapter 205 - FINANCIAL REGULATION
205 ILCS 700/ - Adverse Claims to Deposit Accounts Act.

(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)
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)
Sec. 10. Application of Act. This Act shall not preempt:
(Source: P.A. 100-22, eff. 1-1-18.)
 
(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)
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)
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)
Sec. 85.
(Amendatory provisions; text omitted).

(Source: P.A. 89-601, eff. 8-2-96; text omitted.)
 
(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)
Sec. 99.
Effective date.
This Act takes effect upon becoming law.

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

Structure Illinois Compiled Statutes

Illinois Compiled Statutes

Chapter 205 - FINANCIAL REGULATION

205 ILCS 5/ - Illinois Banking Act.

205 ILCS 10/ - Illinois Bank Holding Company Act of 1957.

205 ILCS 115/ - Savings and Loan Share and Account Act.

205 ILCS 205/ - Savings Bank Act.

205 ILCS 305/ - Illinois Credit Union Act.

205 ILCS 405/ - Currency Exchange Act.

205 ILCS 510/ - Pawnbroker Regulation Act.

205 ILCS 605/ - Consumer Deposit Account Act.

205 ILCS 610/ - Banking Emergencies Act.

205 ILCS 616/ - Electronic Fund Transfer Act.

205 ILCS 620/ - Corporate Fiduciary Act.

205 ILCS 625/ - Illinois Trust and Payable on Death Accounts Act.

205 ILCS 630/ - Promissory Note and Bank Holiday Act. (Part 3)

205 ILCS 635/ - Residential Mortgage License Act of 1987.

205 ILCS 645/ - Foreign Banking Office Act.

205 ILCS 650/ - Foreign Bank Representative Office Act.

205 ILCS 657/ - Transmitters of Money Act.

205 ILCS 660/ - Sales Finance Agency Act.

205 ILCS 665/ - Debt Management Service Act.

205 ILCS 670/ - Consumer Installment Loan Act.

205 ILCS 675/ - Illinois Financial Services Development Act.

205 ILCS 685/ - Currency Reporting Act.

205 ILCS 695/ - Automated Teller Machine Security Act.

205 ILCS 700/ - Adverse Claims to Deposit Accounts Act.

205 ILCS 705/ - Financial Institutions Electronic Documents and Digital Signature Act.

205 ILCS 710/ - Banking on Illinois Act.

205 ILCS 715/ - Data Processing Services for Financial Institutions Act.

205 ILCS 725/ - Blockchain Business Development Act .

205 ILCS 730/ - Blockchain Technology Act.

205 ILCS 735/ - Illinois Community Reinvestment Act.

205 ILCS 740/ - Collection Agency Act.

205 ILCS 745/ - Banking Development District Act.