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Code · Illinois · Chapter 225 — PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS · Act 640

Sec. 4.5. Every licensed auction market shall establish and maintain a separate bank account designated as "Custodial Account for Shippers' Proceeds", or of some similar.

47 words·~1 min read·/il/chapter-225/act-640/4-5

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Sec. 4.5. Every licensed auction market shall establish and maintain a separate bank account designated as "Custodial Account for Shippers' Proceeds", or of some similar identifying designation, to disclose that the depository is acting as a fiduciary and that the funds in the account are trust funds.
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