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90_SB1637
765 ILCS 1025/2 from Ch. 141, par. 102
Amends the Uniform Disposition of Unclaimed Property Act.
Provides that certain deposits of a minor's money shall not
be presumed abandoned earlier than 5 years after the minor
attains legal age. Effective immediately.
LRB9009536REsb
LRB9009536REsb
1 AN ACT to amend the Uniform Disposition of Unclaimed
2 Property Act by changing Section 2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Uniform Disposition of Unclaimed Property
6 Act is amended by changing Section 2 as follows:
7 (765 ILCS 1025/2) (from Ch. 141, par. 102)
8 Sec. 2. The following property held or owing by a
9 banking or financial organization is presumed abandoned:
10 (a) Any demand, savings, or matured time deposit with a
11 banking organization, together with any interest or dividend
12 thereon, excluding any charges that may lawfully be withheld,
13 unless the owner has, within 5 years:
14 (1) Increased or decreased the amount of the
15 deposit, or presented the passbook or other similar
16 evidence of the deposit for the crediting of interest; or
17 (2) Corresponded in writing with the banking
18 organization concerning the deposit; or
19 (3) Otherwise indicated an interest in the deposit
20 as evidenced by a memorandum on file with the banking
21 organization.
22 (b) Any funds paid toward the purchase of withdrawable
23 shares or other interest in a financial organization, or any
24 deposit made, and any interest or dividends thereon,
25 excluding any charges that may be lawfully withheld, unless
26 the owner has within 5 years:
27 (1) Increased or decreased the amount of the funds,
28 or deposit, or presented an appropriate record for the
29 crediting of interest or dividends; or
30 (2) Corresponded in writing with the financial
31 organization concerning the funds or deposit; or
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1 (3) Otherwise indicated an interest in the funds or
2 deposit as evidenced by a memorandum on file with the
3 financial organization.
4 (c) Any sum payable on checks or on written instruments
5 on which a banking or financial organization or business
6 association is directly liable including, by way of
7 illustration but not of limitation, certificates of deposit,
8 drafts, money orders and travelers checks, that with the
9 exception of travelers checks has been outstanding for more
10 than 5 years from the date it was payable, or from the date
11 of its issuance if payable on demand, or, in the case of
12 travelers checks, that has been outstanding for more than 15
13 years from the date of its issuance, unless the owner has
14 within 5 years or within 15 years in the case of travelers
15 checks corresponded in writing with the banking or financial
16 organization or business association concerning it, or
17 otherwise indicated an interest as evidenced by a memorandum
18 on file with the banking or financial organization or
19 business association.
20 (d) Any funds or other personal property, tangible or
21 intangible, removed from a safe deposit box or any other
22 safekeeping repository or agency or collateral deposit box on
23 which the lease or rental period has expired due to
24 nonpayment of rental charges or other reason, or any surplus
25 amounts arising from the sale thereof pursuant to law, that
26 have been unclaimed by the owner for more than 5 years from
27 the date on which the lease or rental period expired,
28 subject to lien of the holder for reimbursement of costs
29 incurred in the opening of a safe deposit box as determined
30 by the holder's regular schedule of charges.
31 (e) Notwithstanding any other provision of this Section,
32 no deposit except passbook, checking, NOW accounts, super NOW
33 accounts, money market accounts, or such similar accounts as
34 established by Rule of the Director, held by a banking or
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1 financial organization shall be presumed abandoned if with
2 respect to such a deposit which specifies a definite maturity
3 date, such organization was authorized in writing to extend
4 or rollover the account for an additional like period and
5 such organization does so extend. Such deposits are not
6 presumed abandoned less than 5 years from that final maturity
7 date. Property of any kind held in an individual retirement
8 account (IRA) is not presumed abandoned earlier than 5 years
9 after the owner attains the age at which distributions from
10 the account become mandatory under law.
11 (f) Notwithstanding any other provision of this Section,
12 money of a minor deposited pursuant to Section 24-21 of the
13 Probate Act of 1975 shall not be presumed abandoned earlier
14 that 5 years after the minor attains legal age.
15 (Source: P.A. 89-604, eff. 8-2-96; 90-167, eff. 7-23-97.)
16 Section 99. Effective date. This Act takes effect upon
17 becoming law.