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(765 ILCS 1025/2a)
(from Ch. 141, par. 102a)
(Section scheduled to be repealed on January 1, 2018)
(a) Business associations shall report, pursuant to Section 11 of
this Act, all property and any earnings thereon to which the owner would be
entitled that have remained unclaimed for 5 years and are therefore presumed
abandoned. Before reporting and delivering property as required under this
Act, a business association may deduct from the amount of otherwise reportable
intangible personal property the economic loss suffered by it in connection
with that intangible personal property arising from transactions involving the
sale of tangible personal property at retail. This property shall consist of,
but is not limited to:
(2) deposits or payment for repair or purchase of
(3) credit checks or memos, or customer overpayments;
(4) stocks, bonds, or any other type of securities or
debt instruments, and interest and dividends therefrom;
(5) unidentified remittances, unrefunded overcharges;
(6) unpaid claims, unpaid accounts payable or unpaid
(7) credit balances - accounts receivable, checks
written off, employee bond buying and profit-sharing.
(b) Notwithstanding the provisions of subsection (a), any property due or
owed by a business association to or for the benefit of another business
association resulting from a transaction occurring in the normal and ordinary
course of business shall be exempt from the provisions of this Act.
(c) Notwithstanding the provisions of subsection (a), unclaimed wages, payroll, and salary, in any form, shall be reported after remaining unclaimed for one year, pursuant to Section 2.
(Source: P.A. 97-270, eff. 8-8-11. Repealed by P.A. 100-22, eff. 1-1-18.)