Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 5/5b

(205 ILCS 5/5b) (from Ch. 17, par. 312.1)

Sec. 5b.

Deposits in outside depository.

(a) Except as provided in subsection (b), every bank is liable for deposits
made in an outside depository from the time the deposit is made.

(b) A bank may adopt a policy that its liability for deposits made in
outside depositories will be delayed until the deposits are recorded, and,
if such a policy is adopted and depositors are notified in writing at least
21 days in advance of the effective date of such policy, the bank's liability
will be delayed in accordance with the policy.  In case of deposit accounts
opened after such a policy is adopted, the policy shall be effective if
the depositor is given written notice of the policy at the time the deposit
account is opened.

(c) For the purposes of this Section "outside depository" means any
receptacle attached to a main banking premise, branch as
allowed in
subsection (15) of Section 5 of this Act, or other location for the purpose
of making deposits
either during or after regular banking hours, but does not include an automatic
teller machine or point of sale terminal, as defined in the Electronic Fund
Transfer Act.

(Source: P.A. 92-483, eff. 8-23-01.)