Illinois Compiled Statutes 205 ILCS 620/6-3 – The Commissioner may take possession and control of a corporate …
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Terms Used In Illinois Compiled Statutes 205 ILCS 620/6-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
The Commissioner may take possession and control of a corporate fiduciary, its assets, and assets held for the beneficiaries of its fiduciary obligations by posting upon the premises of each office at which it transacts its business as a corporate fiduciary a notice reciting that he is assuming possession pursuant to this Act, and the time when his possession shall be deemed to commence.