Illinois Statutes Chapter 15. Executive Officers § 520/12. Failure of depositary to pay over deposit; depositary failing or suspending operations; sale of securities

§ 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.