Illinois Compiled Statutes 205 ILCS 700/5 – Definitions
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As used in this Act, the following words have the meaning ascribed to them in this Section.
“Financial institution” means a “State bank”, “national bank”, “trust company”, or “insured savings association”, as those terms are defined in § 2 of the Illinois Banking Act.
“Deposit account” includes without limitation any demand deposit account, checking account, negotiable order of withdrawal account, money market account, savings account, share account, member account, stock deposit account, certificate of deposit, time deposit, open account, or other credit of a depositor with a financial institution and property held in safe-deposit whether by the financial institution or in a safe-deposit box or other leased receptacle.
“Depositor” means a person who, by agreement with a financial institution, has the right to issue orders or instructions concerning a deposit account.
“Person” includes without limitation an individual, a public or private corporation, a government, a partnership, an unincorporated association, and any other legal entity.
“Financial institution” means a “State bank”, “national bank”, “trust company”, or “insured savings association”, as those terms are defined in § 2 of the Illinois Banking Act.
Terms Used In Illinois Compiled Statutes 205 ILCS 700/5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
“Deposit account” includes without limitation any demand deposit account, checking account, negotiable order of withdrawal account, money market account, savings account, share account, member account, stock deposit account, certificate of deposit, time deposit, open account, or other credit of a depositor with a financial institution and property held in safe-deposit whether by the financial institution or in a safe-deposit box or other leased receptacle.
“Depositor” means a person who, by agreement with a financial institution, has the right to issue orders or instructions concerning a deposit account.
“Person” includes without limitation an individual, a public or private corporation, a government, a partnership, an unincorporated association, and any other legal entity.