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Illinois Compiled Statutes - Full Text
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 1026/15-406) (This Section may contain text from a Public Act with a delayed effective date) Sec. 15-406. Presumptively abandoned property held in trust. A holder who holds property presumed abandoned under this Act holds the property in trust for the benefit of the administrator on behalf of the owner from and after the date the property is presumed abandoned under this Act. A holder shall establish trust accounts or otherwise segregate property held for the benefit of the administrator under this Section pending delivery in accordance with Section 15-603, provided that any failure to establish trust accounts or otherwise segregate the property shall not affect the owner's interest in the property or the obligation of the holder to report and remit the property. This Section does not apply to property held by an insurance company as defined in this Act or property insured by the Federal Deposit Insurance Corporation, National Credit Union Administration, or other insurer of accounts approved by a depository institution's primary financial regulatory agency.(Source: P.A. 104-116, eff. 1-1-26.) |