Illinois Compiled Statutes 205 ILCS 625 Illinois Trust and Payable on Death Accounts Act. Section 5

    (205 ILCS 625/5) (from Ch. 17, par. 2135)

    Sec. 5. Release. Any payments made by an institution in compliance with this Act prior to the receipt of notice of an adverse claim or a restraining order shall be a complete discharge of the institution's obligations as to the amount so paid, and the institution shall, to the extent of each such payment, be released from all claims of any person claiming an interest in the account for such payment so made.

(Source: P.A. 84-461.)

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Last modified: February 18, 2015