Illinois Compiled Statutes 815 ILCS 10/9 – Nontestamentary transfer on death
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(a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this Act and is not testamentary.
(b) This Act does not limit or expand the rights of creditors of security owners against beneficiaries and other transferees under other laws of this State.
(b) This Act does not limit or expand the rights of creditors of security owners against beneficiaries and other transferees under other laws of this State.
Terms Used In Illinois Compiled Statutes 815 ILCS 10/9
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- 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