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| Public Act 102-0189 | ||||
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Probate Act of 1975 is amended by changing | ||||
Section 24-21 as follows:
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(755 ILCS 5/24-21) (from Ch. 110 1/2, par. 24-21)
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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
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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
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otherwise authorized by the court, only to an
amount not | ||||
exceeding the amount for which it is insured by the Federal
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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
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State in such sum, under such conditions and with such | ||
security sufficient
to save the estate from loss.
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(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.
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(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
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required to see to the application or disposition of the funds | ||
or
property.
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(Source: P.A. 82-415.)
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