(625 ILCS 5/7-214)
(from Ch. 95 1/2, par. 7-214)
Disposition of security.
Such security shall be applicable only to the payment of a judgment or
judgments, rendered against the person or persons on whose behalf the
deposit was made, for damages arising out of the accident in question, in
an action at law, begun not later than the later of
the expiration of the relevant statute of limitations
or (ii) 2 years after the
date of any default in any payment under an installment agreement for payment
of damages, and such deposit or any balance thereof shall be returned to the
depositor or his or her personal representative when evidence satisfactory to the
Secretary of State has been filed with him:
1. that there has been a release from liability, or
a final adjudication of non-liability; or
2. a duly acknowledged written agreement in
accordance with Section 7-208 of this Act; or
3. whenever after the expiration of the statute of
limitations or (ii) 2 years after the date of any default in any payment under an installment agreement for payment of damages, the Secretary of State shall be given reasonable evidence that there is no such action pending and no judgment rendered in such action left unpaid.
If, after releasing security to a judgment debtor or claimant, the balance of the security posted with the Secretary is $5 or less, the balance shall be transferred to the General Revenue Fund. The
Secretary shall compile a list of all security amounts of $5 or less annually in July and shall certify that amount to the State Comptroller. As soon as possible after receiving the certification, the State Comptroller shall order transferred and the State Treasurer shall transfer the amount certified to the General Revenue Fund.
(Source: P.A. 102-52, eff. 1-1-22