Illinois § 12
Full text of Illinois Illinois Compiled Statutes § 12, with citation guidance and answers to common questions.
§ 12.
All assets or securities deposited by financial institutions under the provisions of this Act shall remain the property of the financial institutions depositing such securities. Should the depository refuse or fail to pay over the moneys, or any part thereof, deposited with it when due and payable, the State Treasurer may sell such securities in accordance with the terms of any agreement between the State Treasurer and the depository financial institution or, if applicable, institute suit on the bond. If a depository fails or suspends active operations, the deposit in such depository shall become due and payable immediately, any agreement or contract to the contrary notwithstanding. Such sale shall transfer absolute ownership of the securities so sold to the vendee thereof. The surplus, if any, over the amount due to the State and the expenses of the sale shall be paid to the depository. Actions may be brought in the name of the People of the State of Illinois to enforce the claims of the State with respect to any assets or securities deposited by an approved financial institution. (Source: P.A. 102-297, eff. 8-6-21.)
Frequently Asked Questions About Illinois § 12
What does Illinois Compiled Statutes § 12 cover?
Section 12 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 § 12?
A common citation format is "Illinois Compiled Statutes § 12" (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 § 12 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.