(30 ILCS 240/0.01) (from Ch. 102, par. 18.9)
Sec. 0.01.
Short title.
This Act may be cited as the
Public Funds in Failed Banks Act.
(Source: P.A. 86-1324.)
(30 ILCS 240/1) (from Ch. 102, par. 19)
Sec. 1.
No action shall be brought nor shall any action lie against
the treasurer or custodian of any public funds which have been, or
hereafter may be, lawfully deposited in any bank which has closed or
failed, or hereafter may close or fail, for the failure to pay over such
funds, or any part thereof within a period of two years after such bank
has failed or closed nor shall such treasurer or custodian be liable to
pay over such funds, to the proper authorities during such period unless
he has received payment of all, or a part of such funds, from the
officials of such closed or failed bank or from the receiver therefor or
from the sale or disposition of any securities pledged for the repayment
of such funds, nor shall such treasurer or custodian be liable during
such period for any greater sum than the amount or amounts he has
received as such treasurer or custodian in the liquidation of such bank
or the sale or disposition of such securities; provided that the
provisions of this Act shall not apply to any such treasurer or
custodian of public funds unless each of the sureties upon the bond of
such treasurer or custodian shall consent thereto in writing. Such
consent shall be and shall be construed and held to be the agreement of
such surety that the provisions of this Act shall not operate as a
release from or affect the condition of such bond but that such bond
shall continue in full force and effect.
(Source: Laws 1931-32, First Spec.Sess., p. 61.)