Illinois Code § 5
Illinois Code § 5. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 5.
Definitions. 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 Section 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. (Source: P.A. 89-601, eff. 8-2-96.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 5
- 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:
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Common questions
What is the source of Illinois Compiled Statutes § 5?
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 § 5 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 § 5 still in force?
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