State of Illinois
92^nd General Assembly
Legislation

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92_HB1051enr

 
HB1051 Enrolled                                LRB9206833JSpc

 1        AN ACT concerning payable on death accounts.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The  Illinois  Trust  and  Payable  on  Death
 5    Accounts  Act  is  amended  by  changing  Sections 2 and 4 as
 6    follows:

 7        (205 ILCS 625/2) (from Ch. 17, par. 2132)
 8        Sec. 2.  Definitions.  As used in this Act, the following
 9    words have the meanings ascribed to them as set forth herein:
10        (a)  "Institution"  includes  any  bank  as  defined   in
11    Section  2  of  the  "Illinois Banking Act", approved May 11,
12    1955, as amended,  any  association  as  defined  in  Section
13    1-10.03 of the "Illinois Savings and Loan Act", approved July
14    5,  1955,  as amended, any insured savings bank as defined in
15    Section 1007.75 of the Savings Bank Act, or any credit  union
16    as defined in Section 1.1 of the "Illinois Credit Union Act",
17    approved  August  30,  1979,  as amended, and similar federal
18    institutions.
19        (b)  "Account" includes any account, deposit, certificate
20    of deposit, withdrawable  capital  account  or  credit  union
21    share in any institution.
22    (Source: P.A. 84-461.)

23        (205 ILCS 625/4) (from Ch. 17, par. 2134)
24        Sec.  4.  Payable  on Death Account Incidents.  If one or
25    more persons a person opening  or  holding  an  account  sign
26    signs an agreement with the institution providing that on the
27    death  of  the last surviving person designated as holder the
28    account shall be  paid  to  or  held  by  another  person  or
29    persons,  the  account,  and any balance therein which exists
30    from time to time, shall  be  held  as  a  payment  on  death
 
HB1051 Enrolled             -2-                LRB9206833JSpc
 1    account  and  unless  otherwise agreed in writing between the
 2    person or persons opening or  holding  the  account  and  the
 3    institution:
 4        (a)  Any The holder during his or her lifetime may change
 5    any  of  the designated persons to own the account at the his
 6    or her  death  of  the  last  surviving  holder  without  the
 7    knowledge  or  consent  of  any  other  holder  or  the  said
 8    designated  persons  by  a written instrument accepted by the
 9    institution;
10        (b)  Any The holder may make additional deposits  to  and
11    withdraw  any  part or all of the account at any time without
12    the  knowledge  or  consent  of  any  other  holder  or   the
13    designated person or persons to own the account at the his or
14    her death of the last surviving holder, subject to the bylaws
15    and regulations of the institution, and all withdrawals shall
16    constitute  a  revocation  of  the agreement as to the amount
17    withdrawn; and
18        (c)  Upon the death of the last surviving holder  of  the
19    account,  the  person  so  designated  to be the owner of the
20    account who is then living shall be the  sole  owner  of  the
21    account,  unless  more  than  one person is so designated and
22    then living in which case those said persons shall  hold  the
23    account in equal shares as tenants in common with no right of
24    survivorship   as   between  those  persons.   If  no  person
25    designated as the owner of the account on the  death  of  the
26    last surviving holder is then living, the proceeds shall vest
27    in the estate of the last surviving holder of the account.
28    (Source: P.A. 84-461.)

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