Chapter 765 — PROPERTY

(765 ILCS 1026/15-210) Sec. 15-210. Indication of apparent owner interest in property. (a) The period after which property is presumed abandoned is measured from the later of: (1) the date the property is presumed abandoned under this Article; or (2) the latest indication of inte…

(765 ILCS 1026/15-211) Sec. 15-211. Knowledge of death of insured or annuitant. (a) In this Section, "death master file" means the United States Social Security Administration Death Master File or other database or service that is at least as comprehensive as the United States So…

(765 ILCS 1026/15-212) Sec. 15-212. Deposit account for proceeds of insurance policy or annuity contract. If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft-writing privileges for the beneficiary of…

(765 ILCS 1026/15-213) Sec. 15-213. United States savings bonds. (a) As used in this Section, "United States savings bond" means property, tangible or intangible, in the form of a savings bond issued by the United States Treasury, whether in paper, electronic, or paperless form, …

(765 ILCS 1026/15-214) Sec. 15-214. Funds owed to deceased State employees. After the death of an employee of a State agency, as defined in Section 1-7 of the Illinois State Auditing Act, any outstanding funds owed to the deceased employee shall be paid to the heirs of the deceas…

(765 ILCS 1026/15-301) Sec. 15-301. Address of apparent owner to establish priority. In this Article, the following rules apply: (1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner which identifies th…

(765 ILCS 1026/15-302) Sec. 15-302. Address of apparent owner in this State. The administrator may take custody of property that is presumed abandoned, whether located in this State, another state, or a foreign country if: (1) the last-known address of the apparent owner in the r…

(765 ILCS 1026/15-303) Sec. 15-303. If records show multiple addresses of apparent owner. (a) Except as in subsection (b), if records of a holder reflect multiple addresses for an apparent owner and this State is the state of the most recently recorded address, this State may tak…

(765 ILCS 1026/15-304) Sec. 15-304. Holder domiciled in this State. (a) Except as in subsection (b) or Section 15-302 or 15-303, the administrator may take custody of property presumed abandoned, whether located in this State, another state, or a foreign country, if the holder is…

(765 ILCS 1026/15-305) Sec. 15-305. Custody if transaction took place in this State. Except as in Section 15-302, 15-303, or 15-304, the administrator may take custody of property presumed abandoned whether located in this State or another state if: (1) the transaction out of whi…

(765 ILCS 1026/15-306) Sec. 15-306. Traveler's check, money order, or similar instrument. The administrator may take custody of sums payable on a traveler's check, money order, or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. Sections 2501 throug…

(765 ILCS 1026/15-307) Sec. 15-307. Burden of proof to establish administrator's right to custody. Subject to Article 4 and Section 15-1005, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning such property, the administrator ha…

(765 ILCS 1026/15-401) Sec. 15-401. Report required by holder. (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format app…

(765 ILCS 1026/15-402) Sec. 15-402. Content of report. (a) The report required under Section 15-401 must: (1) be signed by or on behalf of the holder and verified as to its completeness and accuracy; (2) if filed electronically, be in a secure format approved by the administrator…

(765 ILCS 1026/15-403) Sec. 15-403. When report to be filed. (a) Except as otherwise provided in subsection (b) and subject to subsection (c), the report under Section 15-401 must be filed before November 1 of each year and cover the 12 months preceding July 1 of that year. Busin…

(765 ILCS 1026/15-404) Sec. 15-404. Retention of records by holder. A holder required to file a report under Section 15-401 shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter pe…

(765 ILCS 1026/15-405) Sec. 15-405. Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this Act even if the owner fails to make demand or present an instrument or document otherwise required to obtain paymen…

(765 ILCS 1026/15-406) Sec. 15-406. Presumptively abandoned property held in trust. A holder who holds property presumed abandoned under this Act holds the property in trust for the benefit of the administrator on behalf of the owner from and after the date the property is presum…

(765 ILCS 1026/15-501) Sec. 15-501. Notice to apparent owner by holder. (a) Subject to subsections (b) and (c), the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Section 15-502 in a format accept…

(765 ILCS 1026/15-502) Sec. 15-502. Contents of notice by holder. (a) Notice under Section 15-501 must contain a heading that reads substantially as follows: "Notice. The State of Illinois requires us to notify you that your property may be transferred to the custody of the State…

(765 ILCS 1026/15-503) Sec. 15-503. Notice by administrator. (a) The administrator shall give notice to an apparent owner that property presumed abandoned and appears to be owned by the apparent owner is held by the administrator under this Act. (b) In providing notice under subs…

(765 ILCS 1026/15-504) Sec. 15-504. Cooperation among State officers and agencies to locate apparent owner. (a) Unless prohibited by law of this State other than this Act, on request of the administrator, each officer, agency, board, commission, division, and department of this S…

(765 ILCS 1026/15-601) Sec. 15-601. Definition of good faith. In this Article, payment or delivery of property is made in good faith if a holder: (1) had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or del…

(765 ILCS 1026/15-602) Sec. 15-602. Dormancy charge; escheat fee. (a) A holder may deduct a dormancy charge or an escheat fee from property required to be paid or delivered to the administrator if: (1) a valid contract between the holder and the apparent owner authorizes impositi…

(765 ILCS 1026/15-603) Sec. 15-603. Payment or delivery of property to administrator. (a) Except as otherwise provided in this Section, on filing a report under Section 15-401, the holder shall pay or deliver to the administrator the property described in the report. (b) If prope…

(765 ILCS 1026/15-604) Sec. 15-604. Effect of payment or delivery of property to administrator. (a) On payment or delivery of property to the administrator under this Act, the administrator as agent for the State assumes custody and responsibility for safekeeping the property. A …

(765 ILCS 1026/15-605) Sec. 15-605. Recovery of property by holder from administrator. (a) A holder that under this Act pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder: (1) paid the money in error; or (2) …

(765 ILCS 1026/15-606) Sec. 15-606. Property removed from safe-deposit box. Property removed from a safe-deposit box and delivered under this Act to the administrator under this Act is subject to the holder's right to reimbursement for the cost of opening the box and a lien or co…

(765 ILCS 1026/15-607) Sec. 15-607. Crediting income or gain to owner's account. (a) If property other than money is delivered to the administrator, the owner is entitled to receive from the administrator income or gain realized or accrued on the property before the property is s…

(765 ILCS 1026/15-608) Sec. 15-608. Administrator's options as to custody. (a) The administrator may decline to take custody of property reported under Section 15-401 if the administrator determines that: (1) the property has a value less than the estimated expenses of notice and…

(765 ILCS 1026/15-609) Sec. 15-609. Disposition of property having no substantial value; immunity from liability. (a) If the administrator takes custody of property delivered under this Act and later determines that the property has no substantial commercial value or that the cos…

(765 ILCS 1026/15-610) Sec. 15-610. Periods of limitation and repose. (a) Expiration, before, on, or after the effective date of this Act, of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, does no…

(765 ILCS 1026/15-701) Sec. 15-701. Public sale of property. (a) Subject to Section 15-702, not earlier than 3 years after receipt of property presumed abandoned, the administrator may sell the property. (b) Before selling property under subsection (a), the administrator shall gi…

(765 ILCS 1026/15-702) Sec. 15-702. Disposal of securities. (a) The administrator may not sell or otherwise liquidate a security until 3 years after the administrator receives the security and gives the apparent owner notice under Section 15-503 that the administrator holds the s…

(765 ILCS 1026/15-703) Sec. 15-703. Recovery of securities or value by owner. (a) If the administrator sells a security before the expiration of 3 years after delivery of the security to the administrator, an apparent owner that files a valid claim under this Act of ownership of …

(765 ILCS 1026/15-704) Sec. 15-704. Purchaser owns property after sale. A purchaser of property at a sale conducted by the administrator under this Act takes the property free of all claims of the owner, a previous holder, or a person claiming through the owner or holder. The adm…

(765 ILCS 1026/15-705) Sec. 15-705. Exceptions to the sale of tangible property. The administrator shall dispose of tangible property identified by this Section in accordance with this Section. (a) Military medals or decorations. The administrator may not sell a medal or decorati…

(765 ILCS 1026/15-801) Sec. 15-801. Deposit of funds by administrator. (a) Except as otherwise provided in this Section, the administrator shall deposit in the Unclaimed Property Trust Fund all funds received under this Act, including proceeds from the sale of property under Arti…

(765 ILCS 1026/15-802) Sec. 15-802. Administrator to retain records of property. The administrator shall: (1) record and retain the name and last-known address of each person shown on a report filed under Section 15-401 to be the apparent owner of property delivered to the admini…

(765 ILCS 1026/15-803) Sec. 15-803. Expenses and service charges of administrator. Before making a deposit of funds received under this Act to the Unclaimed Property Trust Fund, the administrator may deduct expenses incurred in examining records of or collecting property from a p…

(765 ILCS 1026/15-804) Sec. 15-804. Administrator holds property as custodian for owner. Upon the payment or delivery of abandoned property to the administrator, the State shall assume custody and shall be responsible for the safekeeping thereof in perpetuity unless otherwise cla…

(765 ILCS 1026/15-805) Sec. 15-805. Escheat of certain abandoned local government moneys. Property presumed abandoned where the administrator reasonably believes the owner is a unit of local government in this State shall escheat to the State and shall be deposited into the Gener…

(765 ILCS 1026/15-806) Sec. 15-806. Escheat of certain abandoned State agency moneys. Property presumed abandoned where the administrator reasonably believes the owner is a State agency as defined in the Illinois State Auditing Act, shall escheat to the State and shall be deposit…

(765 ILCS 1026/15-901) Sec. 15-901. Claim of another state to recover property. (a) If the administrator knows that property held by the administrator under this Act is subject to a superior claim of another state, the administrator shall: (1) report and pay or deliver the proper…

(765 ILCS 1026/15-902) Sec. 15-902. Property subject to recovery by another state. (a) Property held under this Act by the administrator is subject to the right of another state to take custody of the property if: (1) the property was paid or delivered to the administrator becaus…

(765 ILCS 1026/15-903) Sec. 15-903. Claim for property by person claiming to be owner. (a) A person claiming to be the owner of property held under this Act by the administrator or to the proceeds from the sale thereof may file a claim for the property on a form prescribed by the…

(765 ILCS 1026/15-904) Sec. 15-904. When administrator must honor claim for property. (a) The administrator shall pay or deliver property to a claimant under subsection (a) of Section 15-903 if the administrator receives evidence sufficient to establish to the satisfaction of the…

(765 ILCS 1026/15-905) Sec. 15-905. Allowance of claim for property. (a) The administrator shall pay or deliver to the owner the property or pay to the owner the net proceeds of a sale of the property, together with income or gain to which the owner is entitled under Section 15-6…

(765 ILCS 1026/15-906) Sec. 15-906. Action by person whose claim is denied. Not later than one year after filing a claim under subsection (a) of Section 15-903, the claimant may commence a contested case pursuant to the Illinois Administrative Procedure Act to establish a claim b…

(765 ILCS 1026/17-10) Sec. 17-10. (Amendatory provisions; text omitted). (Source: P.A. 100-22, eff. 1-1-18; text omitted.)