|765 ILCS 1025/8.1||from Ch. 141, par. 108.1|
Synopsis As Introduced
Amends the Uniform Disposition of Unclaimed Property Act. Provides that a United States Savings bond shall be presumed abandoned when the bond has remained unclaimed and unredeemed for 5 years after its date of final extended maturity. Provides that presumed abandoned and unclaimed bonds escheat to the State. Establishes a procedure by which the State Treasurer may obtain a judicial determination that the bond has escheated to the State.
(765 ILCS 1025/8.1)
(from Ch. 141, par. 108.1)
Property held by governments.
(a) All tangible personal property or intangible personal property and all debts owed or entrusted funds or other property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, shall be presumed abandoned if the property has remained unclaimed for 7 years.
(b) This Section applies to all abandoned property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, on the effective date of this amendatory Act of 1991 or at any time thereafter, regardless of when the property became or becomes presumptively abandoned.
(Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)