Illinois Compiled Statutes 205 ILCS 205/7005 – Holders of deposit accounts
Current as of: 2024 | Check for updates
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Deposit accounts of a savings bank may be held as follows:
(1) by any individual in his own right, regardless of
(1) by any individual in his own right, regardless of
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age or marital status, or by 2 or more individuals;
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(2) by a fiduciary when authorized by law;
(3) by a government or governmental instrumentality
Terms Used In Illinois Compiled Statutes 205 ILCS 205/7005
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
(3) by a government or governmental instrumentality
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when authorized by law; and
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(4) by any corporation or other person when not
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prohibited by law.
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