Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 10/1

(815 ILCS 10/1)

Sec. 1. Definitions.

In this Act, unless the
context otherwise requires:

(1) "Beneficiary form" means a registration of a
security which indicates the present owner of the
security and the intention of the owner regarding the
person who will become the owner of the security upon
the death of the owner.

(2) "Devisee" means any person designated in a
will to receive a disposition of real or personal
property.

(3) "Heirs" means those persons, including the
surviving spouse, who are entitled under the statutes of
intestate succession to the property of a decedent.

(4) "Person" means an individual, a corporation,
an organization, or other legal entity.

(5) "Personal representative" includes executor,
administrator, successor personal representative,
special administrator, and persons who perform
substantially the same function under the law governing
their status.

(6) "Property" includes both real and personal
property or any interest therein and means anything that
may be the subject of ownership.

(7) "Register", including its derivatives, means
to issue a certificate showing the ownership of a
certificated security or, in the case of an
uncertificated security, to initiate or transfer an
account showing ownership of securities.

(8) "Registering entity" means a person who
originates or transfers a security title by
registration, and includes a broker maintaining security
accounts for customers and a transfer agent or other
person acting for or as an issuer of securities.

(9) "Security" means a share, participation, or
other interest in property, in a business, or in an
obligation of an enterprise or other issuer, and
includes a certificated security, an uncertificated
security, and a security account.

(10) "Security account" means (i) a reinvestment
account associated with a security, a securities account
with a broker, a cash balance in a brokerage account,
cash, interest, earnings, or dividends earned or
declared on a security in an account, a reinvestment
account, or a brokerage account, whether or not credited
to the account before the owner's death, or (ii) an investment management or custody account with a trust company or trust division of a bank with trust powers, including the securities in the account, a cash balance in the account, and cash, equivalents, interest, earnings, or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death, or (iii) a cash
balance or other property held for or due to the owner
of a security as a replacement for or product of an
account security, whether or not credited to the account
before the owner's death.

(11) "State" includes any state of the United
States, the District of Columbia, the Commonwealth of
Puerto Rico, and any territory or possession subject to
the legislative authority of the United States.

(Source: P.A. 93-991, eff. 8-23-04.)