Illinois Compiled Statutes
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215 ILCS 5/210
(215 ILCS 5/210)
(from Ch. 73, par. 822)
Distribution of assets; priorities; unpaid dividends.
(1) Any time after the last day fixed for the filing of
proofs of claims in the liquidation of a company, the court may, upon the
application of the Director authorize him to declare out of the funds
remaining in his hands, one or more dividends upon all claims allowed in
accordance with the priorities established in Section 205.
(2) Where there has been no adjudication of insolvency, the Director
shall pay all allowed claims in full in accordance with the priorities set
forth in Section 205. The director shall not be chargeable for any
assets so distributed to any claimant who has failed to file a proper proof
of claim before such distribution has been made.
(3) When subsequent to an adjudication of insolvency, pursuant to Section
208, a surplus is found to exist after the payment in full of all allowed
claims falling within the priorities set forth in paragraphs (a), (b), (c),
(e), (f) and (g) of subsection (1) of Section 205 and which have been duly
filed prior to the last date fixed for the filing thereof, and after the
setting aside of a reserve for all additional costs and expenses of the
proceeding, the court shall set a new date for the filing of claims. After the
expiration of the new date, all allowed claims filed on or before said new date
together with all previously allowed claims falling within the priorities set
forth in paragraphs (h) and (i) of subsection (1) of Section 205 shall be paid
in accordance with the priorities set forth in Section 205.
(4) Dividends remaining unclaimed or unpaid in the hands of the
Director for 6 months after the final order of distribution may be
by him deposited in one or more savings and loan associations, State or
national banks, trust companies or savings banks to the credit of the Director,
whomsoever he may be, in trust for the person entitled thereto, but no such
person shall be entitled to any interest upon such deposit. All such deposits
shall be entitled to priority of payment in case of the insolvency or voluntary
or involuntary liquidation of the depositary on an equality with any other
priority given by the banking law. Any such funds together with interest, if
any, paid or credited thereon, remaining and unclaimed in the hands of the
Director in Trust after 2 years shall be presumed abandoned and reported and
delivered to the State Treasurer and become subject to the provisions of the
Uniform Disposition of Unclaimed Property Act.
(Source: P.A. 91-16, eff. 7-1-99.)