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Public Act 102-0189


 

Public Act 0189 102ND GENERAL ASSEMBLY

  
  
  

 


 
Public Act 102-0189
 
HB0814 EnrolledLRB102 12100 LNS 17437 b

    AN ACT concerning civil law.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Probate Act of 1975 is amended by changing
Section 24-21 as follows:
 
    (755 ILCS 5/24-21)  (from Ch. 110 1/2, par. 24-21)
    Sec. 24-21. Deposit or investment of money of a ward,
subject to court order.)
    (a) If the estate of a ward consists only of money, on the
petition of the representative of the estate or of the
representative of an estate of which the ward is a legatee or
heir, or of any other interested person, or on its own motion,
the court may, if it appears practicable and to the best
interests of the ward to do so, order the money (1) deposited
in a bank to the credit of the ward at interest or otherwise
but, unless otherwise authorized by the court, only to an
amount not exceeding the amount for which it is insured by the
Federal Deposit Insurance Corporation, or (2) deposited in any
state or federal savings and loan association but, unless
otherwise authorized by the court, only to an amount not
exceeding the amount for which it is insured by the Federal
Savings and Loan Insurance Corporation, or (3) invested in
United States obligations and deposited for safekeeping for
the account of the ward in a bank or trust company qualified to
accept and execute trusts in this State, or with the Secretary
of the Treasury of the United States or in a Federal Reserve
Bank or in such other agency as may be designated by the
Secretary of the Treasury, or (4) invested in shares of any
state or federal credit union to the credit of the ward at
interest or otherwise to an amount not exceeding the amount
for which said shares are insured as required by The Illinois
Credit Union Act or the Federal Credit Union Act, as
applicable, or (5) deposited in a qualified tuition program
under Section 529 of the Internal Revenue Code. The receipt of
the bank or trust company constitutes a voucher for accounting
purposes. Amounts deposited pursuant to clauses (1), (2) and
(4) herein, in excess of the amount insured by the United
States or any agency thereof shall be secured by a surety bond
taken from a surety authorized to transact business in this
State in such sum, under such conditions and with such
security sufficient to save the estate from loss.
    (b) If a representative of the estate has been appointed
for a ward, the court may direct the representative to file a
final account and excuse him from further duty and release him
and the sureties on his bond, until further order of court.
    (c) On the petition of the spouse, parent or person
standing in loco parentis to or having responsibility for the
custody or support of the ward, the court may order any money
so deposited or invested to be withdrawn and used for the
comfort, support, education or other benefit of the ward or
his dependents. The petitioner shall appear in open court
unless his appearance is excused by the court and shall
furnish such evidence of the necessity for the withdrawal as
the court may require. The bank of deposit or agency for
safekeeping shall be released in making payment or delivery
(1) in accordance with the order of the court, (2) directly to
the ward upon his attaining legal age or restoration, as the
case may be, or (3) directly to the representative of the ward
in case of his death, and in any such case it may not be
required to see to the application or disposition of the funds
or property.
(Source: P.A. 82-415.)

Effective Date: 1/1/2022