Illinois Code § 241
Illinois Code § 241. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 241.
Trust settlements. Any domestic life company shall have the power to hold the proceeds of any policy issued by it under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as shall have been agreed to in writing by such company and the policyholder. Upon maturity of a policy in the event the policyholder has made no such agreement, the company shall have power to hold the proceeds of the policy under an agreement with the beneficiaries. Such company shall not be required to segregate funds so held but may hold them as part of its general company assets. A foreign or alien company, when authorized by its charter or the laws of its domicile, may exercise any such powers in this State. (Source: Laws 1937, p. 696.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 241
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 241?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 241 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 241 still in force?
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