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| Public Act 099-0556 | ||||
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AN ACT concerning property.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Uniform Disposition of Unclaimed Property | ||||
Act is amended by changing Section 8.1 as follows:
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(765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
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Sec. 8.1. Property held by governments.
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(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 except as provided in subsection | ||||
(c).
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(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.
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(c) United States savings bonds. | ||||
(1) As used in this subsection, "United States savings | ||||
bond" means property, tangible or intangible, in the form | ||||
of a savings bond issued by the United States Treasury, | ||
whether in paper, electronic, or paperless form, along with | ||
all proceeds thereof in the possession of the State | ||
Treasurer. | ||
(2) Notwithstanding any provision of this Act to the | ||
contrary, a United States savings bond subject to this | ||
Section or held or owing in this State by any person shall | ||
be presumed abandoned when such bond has remained unclaimed | ||
and unredeemed for 5 years after its date of final extended | ||
maturity. | ||
(3) United States savings bonds that are presumed | ||
abandoned and unclaimed under paragraph (2) shall escheat | ||
to the State of Illinois and all property rights and legal | ||
title to and ownership of the United States savings bonds, | ||
or proceeds from the bonds, including all rights, powers, | ||
and privileges of survivorship of any owner, co-owner, or | ||
beneficiary, shall vest solely in the State according to | ||
the procedure set forth in paragraphs (4) through (6). | ||
(4) Within 180 days after a United States savings bond | ||
has been presumed abandoned, in the absence of a claim | ||
having been filed with the State Treasurer for the savings | ||
bond, the State Treasurer shall commence a civil action in | ||
the Circuit Court of Sangamon County for a determination | ||
that the United States savings bonds has escheated to the | ||
State. The State Treasurer may postpone the bringing of the | ||
action until sufficient United States savings bonds have | ||
accumulated in the State Treasurer's custody to justify the | ||
expense of the proceedings. | ||
(5) The State Treasurer shall make service by | ||
publication in the civil action in accordance with Sections | ||
2-206 and 2-207 of the Code of Civil Procedure, which shall | ||
include the filing with the Circuit Court of Sangamon | ||
County of the affidavit required in Section 2-206 of that | ||
Code by an employee of the State Treasurer with personal | ||
knowledge of the efforts made to contact the owners of | ||
United States savings bonds presumed abandoned under this | ||
Section. In addition to the diligent inquiries made | ||
pursuant to Section 2-206 of the Code of Civil Procedure, | ||
the State Treasurer may also utilize additional | ||
discretionary means to attempt to provide notice to persons | ||
who may own a United States savings bond registered to a | ||
person with a last known address in the State of Illinois | ||
subject to a civil action pursuant to paragraph (4). | ||
(6) The owner of a United States savings bond | ||
registered to a person with a last known address in the | ||
State of Illinois subject to a civil action pursuant to | ||
paragraph (4) may file a claim for such United States | ||
savings bond with either the State Treasurer or by filing a | ||
claim in the civil action in the Circuit Court of Sangamon | ||
County in which the savings bond registered to that person | ||
is at issue prior to the entry of a final judgment by the | ||
Circuit Court pursuant to this subsection, and unless the | ||
Circuit Court determines that such United States savings | ||
bond is not owned by the claimant, then such United States | ||
savings bond shall no longer be presumed abandoned. If no | ||
person files a claim or appears at the hearing to | ||
substantiate a disputed claim or if the court determines | ||
that a claimant is not entitled to the property claimed by | ||
the claimant, then the court, if satisfied by evidence that | ||
the State Treasurer has substantially complied with the | ||
laws of this State, shall enter a judgment that the United | ||
States savings bonds have escheated to this State, and all | ||
property rights and legal title to and ownership of such | ||
United States savings bonds or proceeds from such bonds, | ||
including all rights, powers, and privileges of | ||
survivorship of any owner, co-owner, or beneficiary, shall | ||
vest in this State. | ||
(7) The State Treasurer shall redeem from the Bureau of | ||
the Fiscal Service of the United States Treasury the United | ||
States savings bonds escheated to the State and deposit the | ||
proceeds from the redemption of United States savings bonds | ||
into the Unclaimed Property Trust Fund. | ||
(8) Any person making a claim for the United States | ||
savings bonds escheated to the State under this subsection, | ||
or for the proceeds from such bonds, may file a claim with | ||
the State Treasurer. Upon providing sufficient proof of the | ||
validity of such person's claim, the State Treasurer may, | ||
in his or her sole discretion, pay such claim. If payment | ||
has been made to any claimant, no action thereafter shall | ||
be maintained by any other claimant against the State or | ||
any officer thereof for or on account of such funds. | ||
(Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)
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