Illinois § 1105
Full text of Illinois Illinois Compiled Statutes § 1105, with citation guidance and answers to common questions.
§ 1105.
Risk Retention Trust. (1) Any banking association which has been in existence for a period of not less than 2 years may create a risk retention trust for the pooling of risks in order to provide casualty coverage authorized under Section 5 of the Illinois Banking Act, as now or hereafter amended, for its member banks. Such trust shall be administered by at least 3 trustees who are appointed by the trust sponsor and who represent association member banks which have agreed in writing to participate in the trust. (2) The trustees shall appoint a qualified administrator who shall administer the affairs of the risk retention trust. (3) The trustees shall retain a licensed service company to perform claims adjusting, loss control and data processing. (4) The trust sponsor, the trustees and the trust administrator shall be fiduciaries of the trust. (5) Any trust created under this Article shall be consummated by a written trust agreement and shall be subject to the laws of this State governing the creation and operation of trusts, to the extent not inconsistent with this Article. (Source: P.A. 84-1431.)
Frequently Asked Questions About Illinois § 1105
What does Illinois Compiled Statutes § 1105 cover?
Section 1105 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 1105?
A common citation format is "Illinois Compiled Statutes § 1105" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 1105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.