Illinois Compiled Statutes > 75 ILCS 5 – Illinois Local Library Act
Current as of: 2024 | Check for updates
|
Other versions
| Article 1 | General Provisions |
| Article 2 | Method Of Creation |
| Article 3 | Taxation |
| Article 4 | Trustees |
| Article 5 | Buildings |
Terms Used In Illinois Compiled Statutes > 75 ILCS 5 - Illinois Local Library Act
- Bequest: Property gifted by will.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Oath: A promise to tell the truth.
- oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
- Town trustees: means the members of the township board required by § 80-5 of the Township Code. See Illinois Compiled Statutes 5 ILCS 70/1.30