205 ILCS 700/1
(205 ILCS 700/1) Sec. 1. Short title. This Act may be cited as the Adverse Claims to Deposit Accounts Act. (Source: P.A. 89-601, eff. 8-2-96.)
205 ILCS 700
205 ILCS 700
in effect205 ILCS 700/5 Definitions
(205 ILCS 700/5) Sec. 5. Definitions. As used in this Act, the following words have the meaning ascribed to them in this Section. "Financial institution" means a "State bank", "national bank", "trust company", or "insured savings association", as those terms are defined in Section 2 of the Illinois Banking Act. "Deposit account" includes without limitation any demand deposit account, checking account, negotiable order of withdrawal account, money market account, savings account, share account, member account, stock deposit account, certificate of deposit, time deposit, open account, or other credit of a depositor with a financial institution and property held in safe-deposit whether by the financial institution or in a safe-deposit box or other leased receptacle. "Depositor" means a person who, by agreement with a financial institution, has the right to issue orders or instructions concerning a deposit account. "Person" includes without limitation an individual, a public or private corporation, a government, a partnership, an unincorporated association, and any other legal entity. (Source: P.A. 89-601, eff. 8-2-96.)
205 ILCS 700/10 Application of Act
(205 ILCS 700/10) Sec. 10. Application of Act. This Act shall not preempt: (1) the Revised Uniform Unclaimed Property Act, nor shall any provision of this Act be construed to relieve any holder, including a financial institution, from reporting and remitting all unclaimed property, including deposit accounts, under the Revised Uniform Unclaimed Property Act; (2) the Uniform Commercial Code, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the Uniform Commercial Code; (3) the provisions of Section 2-1402 of the Code of Civil Procedure, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under Section 2-1402 of the Code of Civil Procedure; (4) the provisions of Part 7 of Article II of the Code of Civil Procedure, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the provisions of Part 7 of Article II of the Code of Civil Procedure; (5) the provisions of Article XXV of the Probate Act of 1975, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the provisions of Article XXV of the Probate Act of 1975; or (6) the Safety Deposit Box Opening Act, nor shall any provision of this Act be construed as affecting the rights of a person with respect to a deposit account under the Safety Deposit Box Opening Act. (Source: P.A. 100-22, eff. 1-1-18.)
205 ILCS 700/15
(205 ILCS 700/15) Sec. 15. Recognition of claims. In the absence of a court order or indemnity bond as required by this Act, a financial institution shall not be required to recognize any claim to, or any claim of authority to, exercise control over a deposit account held by the financial institution made by a person other than the depositor. (Source: P.A. 89-601, eff. 8-2-96.)
205 ILCS 700/20
(205 ILCS 700/20) Sec. 20. Requirement of court order or indemnity bond. (a) A financial institution shall recognize an adverse claim to, or an adverse claim of authority to control, a deposit account if the person making the claim obtains and serves upon the financial institution a certified copy of an appropriate order, by a court having jurisdiction, restraining any action with respect to the deposit account or instructing the financial institution to pay the balance of the deposit account or to deliver the property in the deposit account, in whole or in part, as provided in the order, until further order of the court. (b) A financial institution may, in its sole discretion, recognize an adverse claim to, or adverse claim of authority to control, a deposit account if the person making the claim delivers to the financial institution a bond, in a form and amount and with sureties satisfactory to the financial institution, indemnifying the financial institution against any liability, loss, or expense that the financial institution might incur because of its recognition of the adverse claim or because of its refusal by reason of the claim to honor any check or order of, or to deliver any property to, the depositor. (Source: P.A. 89-601, eff. 8-2-96; 90-163, eff. 7-23-97.)
205 ILCS 700/25
(205 ILCS 700/25) Sec. 25. Other rights. This Act shall not displace or otherwise preclude any other rights or remedies, whether at law or in equity, available to a financial institution. (Source: P.A. 89-601, eff. 8-2-96.)
205 ILCS 700/85
(205 ILCS 700/85) Sec. 85. (Amendatory provisions; text omitted). (Source: P.A. 89-601, eff. 8-2-96; text omitted.)
205 ILCS 700/90
(205 ILCS 700/90) Sec. 90. (Amendatory provisions; text omitted). (Source: P.A. 89-601, eff. 8-2-96; text omitted.)
205 ILCS 700/99
(205 ILCS 700/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 89-601, eff. 8-2-96.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026