Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/241

(215 ILCS 5/241) (from Ch. 73, par. 853)

Sec. 241.

Trust
settlements.

Any domestic life company shall have the power to hold the proceeds of
any policy issued by it under a trust or other agreement upon such terms
and restrictions as to revocation by the policyholder and control by
beneficiaries, and with such exemptions from the claims of creditors of
beneficiaries other than the policyholder as shall have been agreed to in
writing by such company and the policyholder. Upon maturity of a policy in
the event the policyholder has made no such agreement, the company shall
have power to hold the proceeds of the policy under an agreement with the
beneficiaries. Such company shall not be required to segregate funds so
held but may hold them as part of its general company assets. A foreign or
alien company, when authorized by its charter or the laws of its domicile,
may exercise any such powers in this State.

(Source: Laws 1937, p. 696.)