ILCS » Chapter 205 · Act 625
Illinois Compiled Statutes

205 ILCS 625/2 (2026)

Definitions

✓ current as of May 2026
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(205 ILCS 625/2) (from Ch. 17, par. 2132)
    Sec. 2. Definitions. 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 Section 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 Section 1007.75 of the Savings Bank Act, or any credit union as defined in Section 1.1 of the Illinois Credit Union Act, and similar federal institutions.
    (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.
(Source: P.A. 96-1151, eff. 7-21-10.)

    
Notes of Decisions
Cited in 1 case, 2013–2013 · leading case: Fairfield Nat'l Bank v. Chansler, 2013 IL App (5th) 110530 (Ill. App. Ct. 2013).
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Fairfield Nat'l Bank v. Chansler, 2013 IL App (5th) 110530 (Ill. App. Ct. 2013). · cites it 3× “¶ 16 Section 4 of the Act now embodies the law for “Payable on Death Account Incidents.”
— 205 ILCS 625/2(a) — 1 case
Fairfield Nat'l Bank v. Chansler, 2013 IL App (5th) 110530 (Ill. App. Ct. 2013). “¶ 16 Section 4 of the Act now embodies the law for “Payable on Death Account Incidents.”
— 205 ILCS 625/2(b) — 1 case
Fairfield Nat'l Bank v. Chansler, 2013 IL App (5th) 110530 (Ill. App. Ct. 2013). “¶ 16 Section 4 of the Act now embodies the law for “Payable on Death Account Incidents.”
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