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Can you summarize 205 ILCS 700?
FINANCIAL REGULATION > Adverse Claims to Deposit Accounts Act.
Short Summary
The Adverse Claims to Deposit Accounts Act, also known as the Adverse Claims to Deposit Accounts Act, is a law in the state of Illinois that governs the recognition of adverse claims to, or adverse claims of authority to control, deposit accounts held by financial institutions. The Act provides definitions for various terms used in the Act, such as ‘financial institution’, ‘deposit account’, ‘depositor’, and ‘person’. It clarifies that the rights of a person with respect to a deposit account under other acts and provisions are not affected by this Act. The Act imposes requirements on financial institutions regarding the recognition of adverse claims to, or adverse claims of authority to control, a deposit account. A financial institution must recognize such claims if the person making the claim obtains and serves a certified copy of an appropriate court order or delivers a bond indemnifying the institution. The Act does not specify any exemptions or penalties for non-compliance or violations. Overall, the Adverse Claims to Deposit Accounts Act provides a framework for handling adverse claims to deposit accounts in the state of Illinois.
Whom does it apply to?
This Act applies to financial institutions and holders of deposit accounts in the state of Illinois.
What does it govern?
The Adverse Claims to Deposit Accounts Act governs the recognition of adverse claims to, or adverse claims of authority to control, deposit accounts held by financial institutions in the state of Illinois.
What are exemptions?
The Act does not specify any exemptions.
What are the Penalties?
The Act does not specify any penalties for non-compliance or violations.
Jurisdiction
Illinois