||Sections of Acts Construed
5(11) & 34(4) IBA
When a bank extends credit to commercial equipment leasing company under a "Without Recourse" note with the leasing company, the lending limit and obligation for repayment will attach to the lessee rather than the leasing company.
||Scope and effect of "Super Wild Card" enacted by the "Banking on Illinois Act."
Bank may construct a building on property owned by the Bank and lease the building to the Post Office based on the authority of a federally insured thrift or certain out-of-state banks to engage in real property leasing. The Bank will be subject to any restrictions or limitations applicable to a federal thrift or out-of-state bank engaging in real property leasing. In addition, the Bank will need to seek approval from the FDIC.
||3 & 5(11) IBA; 1-8 SLA; 1006(e), 1008(a)(25)&(26) and 6002(11) SBA
||An Illinois state bank, state savings bank or state savings and loan association may exchange stock that it holds in an EFT network for stock in the corporation into which the network merged which entity was engaged in the same activities as the EFT network and which will be engaged in the same permissible activities after the merger.
||A state bank may dispose of other real estate owned by any transaction that is a sale under accepted accounting principles, including selling the real estate pursuant to a land contract or a contract for deed. Disposal may also be made by a donation of the real estate, but may not be conditioned by a potential reversion.
||State banks may utilize letters of credit issued by a Federal Home Loan Bank as collateral for the deposit of public funds.