As used in this Act, the following words have the meanings ascribed to them as set forth herein:
     (a) “Institution” includes any bank as defined in § 2 of the Illinois Banking Act, any association as defined in Section 1-10.03 of the Illinois Savings and Loan Act, any insured savings bank as defined in § 1007.75 of the Savings Bank Act, or any credit union as defined in § 1.1 of the Illinois Credit Union Act, and similar federal institutions.

Terms Used In Illinois Compiled Statutes 205 ILCS 625/2

  • 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.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

     (b) “Account” includes any account, deposit, certificate of deposit, withdrawable capital account or credit union share in any institution.
     (c) “Beneficiary” includes a natural person who is living, a trust, a corporation, a charitable organization, or any other entity that maintains a lawful existence under the state or federal authority pursuant to which it was organized.