(205 ILCS 115/3) (from Ch. 17, par. 3603)
Sec. 3.
Any savings and loan or Federal savings and loan association
may issue shares, share accounts or accounts in the name of any
administrator, executor, guardian, trustee or other fiduciary, in trust
for a named beneficiary or beneficiaries. Any such fiduciary shall have
power to vote as a member as though the shares, share accounts or
accounts were held absolutely, to make payments upon and to surrender
any such shares, share accounts or accounts, in whole or in part. The
repurchase, redemption, or withdrawal value of any such shares, share
accounts or accounts, and dividends thereon, or other rights relating
thereto, may be paid or delivered, in whole or in part, to such
fiduciary, without regard to any notice to the contrary. The payment or
delivery to any such fiduciary, or a receipt or acquittance signed by
any such fiduciary, to whom any such payment, or any such delivery of
rights, is made, shall be a valid and sufficient release and discharge
of any such association for the payment or delivery so made. Whenever a
person holding shares, share accounts or accounts in a fiduciary
capacity dies and no written notice of the revocation or termination of
the trust relationship shall have been given to any such association,
the repurchase or redemption or withdrawal value of such shares, share
accounts or accounts, and dividends thereon, or other rights relating
thereto, may, at the option of the association, be paid or delivered, in
whole or in part, to the beneficiary or beneficiaries of such trust. The
payment or delivery to any such beneficiary or beneficiaries, or a
receipt or acquittance signed by any such beneficiary or beneficiaries
for any such payment or delivery, shall be a valid and sufficient
release and discharge of any such association for the payment or
delivery so made.
(Source: Laws 1939, p. 478.)
|