(225 ILCS 405/2) (from Ch. 121 1/2, par. 1102)
Sec. 2.
Every art auction house shall establish and maintain a separate
account in an Illinois bank or savings and loan association for customer
funds and shall notify each customer of the identity of such bank or savings
and loan association. Upon its receipt of proceeds from
an auction, it shall segregate and deposit the proceeds due sellers into the separate
account established and maintained for sellers for whom the art auction
house has acted as agent until the funds are disbursed to the sellers. Funds
shall be disbursed to the sellers within 30 days of their receipt.
(Source: P.A. 83-671.)
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