Illinois Compiled Statutes
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765 ILCS 1025/1
(765 ILCS 1025/1)
(from Ch. 141, par. 101)
As used in this Act, unless the context otherwise requires:
(a) "Banking organization" means any bank, trust company, savings bank,
industrial bank, land bank, safe deposit company, or a private banker.
(b) "Business association" means any corporation, joint stock company,
business trust, partnership, or any
association, limited liability company, or other business entity consisting
of one or more persons, whether or not for profit.
(c) "Financial organization" means any savings and loan association,
building and loan association, credit union, currency exchange,
co-operative bank, mutual funds, or investment company.
(d) "Holder" means any person in possession of property subject to this
Act belonging to another, or who is trustee in case of a trust, or is
indebted to another on an obligation subject to this Act.
(e) "Life insurance corporation" means any association or corporation
transacting the business of insurance on the lives of
persons or insurance appertaining thereto, including, but not by way of
limitation, endowments and annuities.
(f) "Owner" means a depositor in case of a deposit, a beneficiary in
case of a trust, a creditor, claimant, or payee in case of other property, or any person having a legal or equitable interest in property
subject to this Act, or his legal representative.
(g) "Person" means any individual, business association, financial
organization, government or
political subdivision or agency, public authority,
estate, trust, or any other legal or
(h) "Utility" means any person who owns or operates,
for public use, any plant, equipment, property, franchise, or license for
the transmission of communications or the production, storage,
transmission, sale, delivery, or furnishing of electricity, water,
steam, oil or gas.
(j) "Insurance company" means any person transacting the kinds of
business enumerated in Section 4 of the Illinois Insurance Code other than
(k) "Economic loss", as used in Sections 2a and 9 of this Act includes,
but is not limited to,
delivery charges, mark-downs and write-offs, carrying
costs, restocking charges, lay-aways, special orders, issuance of credit memos,
and the costs of special services or goods
provided that reduce the property value or that result in lost sales
(l) "Reportable property" means property, tangible or intangible, presumed
abandoned under this Act that must be appropriately and timely reported and
remitted to the Office of the State Treasurer under this
Act. Interest, dividends, stock splits,
warrants, or other rights that become reportable property under this Act
include the underlying security or commodity giving rise to the interest,
dividend, split, warrant, or other right to which the owner would be entitled.
(m) "Firearm" has the meaning ascribed to that term in the Firearm Owners
Identification Card Act.
(Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99; 91-748, eff. 6-2-00.)