Illinois Code § 7005
Illinois Code § 7005. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 7005.
Holders of deposit accounts. (a) Deposit accounts of a savings bank may be held as follows: (1) by any individual in his own right, regardless of age or marital status, or by 2 or more individuals; (2) by a fiduciary when authorized by law; (3) by a government or governmental instrumentality when authorized by law; and (4) by any corporation or other person when not prohibited by law. (b) A savings bank may accept deposits made by a minor and may open an account in the name of the minor, and the rules and regulations of the savings bank with respect to each deposit and account of the minor shall be as binding upon the minor as if the minor were of full age and legal capacity. The receipt, acquittance, or order of payment of the minor on such account or deposit or any part thereof shall be as binding upon the minor as if the minor were of full age and legal capacity. (Source: P.A. 104-310, eff. 8-15-25.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 7005
- 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 § 7005?
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 § 7005 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 § 7005 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Illinois source before relying on this text.
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