755 ILCS 30/ Third Party Beneficiary Contract Act. - Illinois Statutes

(755 ILCS 30/0.01) (from Ch. 110 1/2, par. 400)     Sec. 0.01. Short title. This Act may be cited as the Third Party Beneficiary Contract Act. (Source: P.A. 86‑1324.)

(755 ILCS 30/1) (from Ch. 110 1/2, par. 401)     Sec. 1. The designation in accordance with the terms of any insurance, annuity or endowment contract, or the designation in any agreement issued or entered into by an insurance company in connection therewith, supplemental thereto or in settlement thereof, or the designation under a pension, retirement, death benefit, deferred compensation, employment, agency, stock bonus or profit‑sharing contract, plan, system or trust, or the designation under an account with a securities dealer as defined in Section 2.7 of The Illinois Securities Law of 1953, as now or hereafter amended, of any person to be a beneficiary, payee or owner of any right, title or interest thereunder upon the death of another, or any assignment of rights under any of the foregoing, shall not be subject to or defeated or impaired by any statute or rule of law governing the transfer of property by will, gift or intestacy, even though such designation or assignment is revocable or the rights of such beneficiary, payee, or owner or assignee are otherwise subject to defeasance. (Source: P.A. 86‑468.)

(755 ILCS 30/2) (from Ch. 110 1/2, par. 402)     Sec. 2. This act shall apply to such designations made before or after the effective date of this act by persons who die on or after said date. This act shall not be deemed to create any implication of invalidity as to any designation, of the nature herein described, made by any person who dies before said date or as to any declaration, agreement or contract for the payment of money or other transfer of property at death not specifically described herein. (Source: Laws 1959, p. 1282.)