755 ILCS 45/2-4
2021 Illinois Compiled Statutes|Chapter 755 - ESTATES|755 ILCS 45/ - Illinois Power of Attorney Act.|Article II - Durable Powers Of Attorney

 (from Ch. 110 1/2, par. 802-4)Sec. 2-4. Applicability.(a) The principal may specify in the agency  the event or time when the agency will begin and terminate, the mode of  revocation or amendment and the rights, powers, duties, limitations,  immunities and other terms applicable to the agent and to all persons  dealing with the agent, and the provisions of the agency will control  notwithstanding this Act, except that every health care agency must  comply with Section 4-5 of this Act.(b) From and after the effective date of this Act:  (1) this Act governs  every agency, whenever and wherever executed, and all acts of the agent to  the extent the provisions of this Act are not inconsistent with the agency;  and (2) this Act applies to all agencies exercised in Illinois and to all  other agencies if the principal is a resident of Illinois at the time the  agency is signed or at the time of exercise or if the agency indicates that  Illinois law is to apply.  Providing forms of statutory property and  health care powers in Articles III and IV does not limit the applicability  of this Act, it being intended that every agency, including, without  limitation, the statutory property and health care power agencies, shall  have the benefit of and be governed by Article II, by Sections 4-1 through  4-9 and Section 4-11 of Article IV, and by all other general provisions of  this Act, except to the extent the terms of the agency are inconsistent with this Act.(c) Notwithstanding the provisions of subsections (a) and (b), this Act shall not apply to an agreement or contract described in any of items (1) through (8) of this subsection under which a financial institution,  defined as a (i) bank, trust company, savings bank, savings and loan, or credit union holding a federal charter or a charter from any of the states that is subject to regulation by the Illinois Secretary of Financial and Professional Regulation or (ii) broker-dealer registered with the United States Securities and Exchange Commission, is named as an agent for any person, provided that the agreement or contract does not include in its terms a durable power of attorney that survives the incapacity of the principal:(1) a proxy or other delegation to exercise voting     rights or management rights with respect to a corporation, partnership (general or limited), limited liability company, condominium, commercial entity, or association;(2) an agreement or contract given to a financial     institution to facilitate a specific transfer or disposition of one or more identified stocks, bonds, or assets, whether real or personal, tangible or intangible;(3) an agreement or directive authorizing a financial     institution to prepare, execute, deliver, submit, or file a document or instrument with a government or governmental subdivision, agency,  or instrumentality, or other third party;(4) an agreement or contract authorizing a financial     institution or an officer of a financial institution to take a specific action or actions in relation to an account in which the financial institution (i) holds cash, securities, commodities, or other financial assets on behalf of the principal or (ii) acts as an investment manager with a third party serving as the custodian of such cash, securities, commodities, or other financial assets on behalf of the principal;(5) an agreement or contract authorizing a financial     institution to take specific actions with respect to collateral in connection with a loan or other secured credit transaction other than a mortgage;(6) an agreement or contract given to a financial     institution by an individual who is, or is seeking to become, a director, officer, stockholder, employee, partner (general or limited), member, unit owner, equity owner, trustee, manager, or agent of a corporation, a partnership (general or limited), a limited liability company, a condominium, a legal or commercial entity, or an association, in that individual's capacity as such, including an agreement or directive contained in a subscription agreement;(7) an authorization contained in a certificate of     incorporation, bylaws, general or limited partnership agreement, limited liability company agreement, declaration of trust, declaration of condominium, condominium offering plan, or other agreement or instrument governing the internal affairs of an entity or association authorizing a director, officer, shareholder, employee, partner (general or limited), member, unit owner, equity owner, trustee, manager, or other person to take lawful actions relating to such entity or association; or(8) an agreement authorizing the acceptance of the     service of process on behalf of the person executing the agreement.(d)  An agreement or contract described in subsection (c) is not a "nonstatutory property power" subject to subsection (b) of Section 3-3. This subsection (d) is declarative of existing law and is applicable to all agreements or contracts whenever executed. (Source: P.A. 97-868, eff. 7-30-12.)