Fairfield National Bank v. Chansler

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2013 IL App (5th) 110530
Decision Date: 
January 22, 2013
District: 
5th Dist.
Division/County: 
Hamilton Co.
Justice: 
GOLDENHERSH
Holding: 
Reversed and remanded with directions.
A financial institution may become liable for any instrument it accepted, but the form of the acceptable document is left to discretion of institution, under Illinois Trust and Payable on Death Accounts Act. UCC gives financial institutions the right to accept, and account, for a reasonable time after the death of a client. If court determines that interpleader accepted written instruments, then change of beneficiaries was effective under the Act and interpleader is not liable for having accepted the instruments. (CHAPMAN and STEWART, concurring.)