Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Illinois Compiled Statutes

 ILCS Listing   Public Acts  Search   Guide   Disclaimer

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

765 ILCS 1026/15-201

    (765 ILCS 1026/15-201)
    Sec. 15-201. When property presumed abandoned. Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below:
        (1) a traveler's check, 15 years after issuance;
        (2) a money order, 7 years after issuance;
        (3) any instrument on which a financial organization
    
or business association is directly liable, 3 years after issuance;
        (4) a state or municipal bond, bearer bond, or
    
original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises;
        (5) a debt of a business association, 3 years after
    
the obligation to pay arises;
        (6) a demand, savings, or time deposit, 3 years after
    
the later of maturity or the date of the last indication of interest in the property by the apparent owner, except for a deposit that is automatically renewable, 3 years after its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal;
        (7) money or a credit owed to a customer as a result
    
of a retail business transaction, other than in-store credit for returned merchandise, 3 years after the obligation arose;
        (8) an amount owed by an insurance company on a life
    
or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arose under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:
            (A) with respect to an amount owed on a life or
        
endowment insurance policy, the earlier of:
                (i) 3 years after the death of the insured; or
                (ii) 2 years after the insured has attained,
            
or would have attained if living, the limiting age under the mortality table on which the reserve for the policy is based; and
            (B) with respect to an amount owed on an annuity
        
contract, 3 years after the death of the annuitant.
        (9) funds on deposit or held in trust pursuant to the
    
Illinois Funeral or Burial Funds Act, the earliest of:
            (A) 2 years after the date of death of the
        
beneficiary;
            (B) one year after the date the beneficiary has
        
attained, or would have attained if living, the age of 105 where the holder does not know whether the beneficiary is deceased;
            (C) 40 years after the contract for prepayment
        
was executed;
        (10) property distributable by a business association
    
in the course of dissolution or distributions from the termination of a retirement plan, one year after the property becomes distributable;
        (11) property held by a court, including property
    
received as proceeds of a class action, 3 years after the property becomes distributable;
        (12) property held by a government or governmental
    
subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, 3 years after the property becomes distributable;
        (13) wages, commissions, bonuses, or reimbursements
    
to which an employee is entitled, or other compensation for personal services, including amounts held on a payroll card, one year after the amount becomes payable;
        (14) a deposit or refund owed to a subscriber by a
    
utility, one year after the deposit or refund becomes payable, except that any capital credits or patronage capital retired, returned, refunded or tendered to a member of an electric cooperative, as defined in Section 3.4 of the Electric Supplier Act, or a telephone or telecommunications cooperative, as defined in Section 13-212 of the Public Utilities Act, that has remained unclaimed by the person appearing on the records of the entitled cooperative for more than 2 years, shall not be subject to, or governed by, any other provisions of this Act, but rather shall be used by the cooperative for the benefit of the general membership of the cooperative; and
        (15) property not specified in this Section or
    
Sections 15-202 through 15-208, the earlier of 3 years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises.
    Notwithstanding anything to the contrary in this Section 15-201, and subject to Section 15-210, a deceased owner cannot indicate interest in his or her property. If the owner is deceased and the abandonment period for the owner's property specified in this Section 15-201 is greater than 2 years, then the property, other than an amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, shall instead be presumed abandoned 2 years from the date of the owner's last indication of interest in the property.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)