Illinois Compiled Statutes > 755 ILCS 30 – Third Party Beneficiary Contract Act
Current as of: 2023 |
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| § 0.01 | Short title |
| § 1 | The designation in accordance with the terms of any insurance, … |
| § 2 | This act shall apply to such designations made before or after the … |
Terms Used In Illinois Compiled Statutes > 755 ILCS 30 - Third Party Beneficiary Contract Act
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.