Illinois Compiled Statutes 225 ILCS 640/4.5 – Every licensed auction market shall establish and maintain a separate …
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Terms Used In Illinois Compiled Statutes 225 ILCS 640/4.5
- Fiduciary: A trustee, executor, or administrator.
Every licensed auction market shall establish and maintain a separate bank account designated as “Custodial Account for Shippers’ Proceeds”, or of some similar identifying designation, to disclose that the depository is acting as a fiduciary and that the funds in the account are trust funds.