(15 ILCS 520/12)
(from Ch. 130, par. 31)
All securities deposited by approved banks or savings and loan
associations under the provisions of
this Act shall remain the property of the banks or savings and loan associations
depositing such securities.
Should the depositary refuse or fail to pay over the moneys, or any part
thereof, deposited with it when due and payable, the State Treasurer may
sell such securities in accordance with the terms of any agreement between
the State Treasurer and the depositary bank or savings and loan association
or, if applicable, institute suit on the bond.
If a depositary fails or
suspends active operations, the deposit in such depositary shall become due
and payable immediately, any agreement or contract to the contrary
notwithstanding. Such sale shall transfer absolute ownership of the
securities so sold to the vendee thereof. The surplus, if any, over the
amount due to the State and the expenses of the sale shall be paid to the
depositary. Actions may be brought in the name of the People of the State
of Illinois to enforce the claims of the State with respect to any
securities deposited by an approved bank or savings and loan association.
(Source: P.A. 85-233.)