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| [ Engrossed ] | [ Enrolled ] | [ Senate Amendment 001 ] |
91_SB1586
LRB9108980DJcs
1 AN ACT to amend the Uniform Disposition of Unclaimed
2 Property Act by changing Section 17.
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 17 as follows:
7 (765 ILCS 1025/17) (from Ch. 141, par. 117)
8 Sec. 17. (a) All abandoned property, other than money and
9 that property exempted by paragraphs (1), and (2), and (3) of
10 this subsection, delivered to the State Treasurer under this
11 Act shall be sold within a reasonable time to the highest
12 bidder at public sale in whatever city in the State affords
13 in his or her judgment the most favorable market for the
14 property involved. The State Treasurer may decline the
15 highest bid and reoffer the property for sale if he or she
16 considers the price bid insufficient. The State Treasurer may
17 group items for auction as "box lots" if the value of the
18 individual items makes it impracticable to sell the items
19 individually. He or she need not offer any property for sale,
20 and may destroy or otherwise dispose of the property, if, in
21 his or her opinion, the probable cost of sale exceeds the
22 value of the property. Securities or commodities received by
23 the Office of the State Treasurer may be sold by the State
24 Treasurer through a broker or sales agent suitable for the
25 sale of the type of securities or commodities being sold.
26 (1) Property which the State Treasurer determines
27 may have historical value may be, at his or her
28 discretion, loaned to a recognized exhibitor in the
29 United States where it will be kept until such time as
30 the State Treasurer orders it to be returned to his or
31 her possession.
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1 (2) Property returned to the State Treasurer shall
2 be released to the rightful owner or otherwise disposed
3 of in accordance with this Act. The State Treasurer
4 shall keep identifying records of the property so loaned,
5 the name of rightful owner and the owner's last known
6 address, if available.
7 (3) If a firearm is delivered to the Treasurer under
8 this Act, the Treasurer shall provide the firearm to the
9 Department of State Police, which shall determine whether
10 the firearm has been used in the commission of a crime.
11 The Department of State Police shall determine the
12 appropriate disposition of a firearm that has been used
13 in the commission of a crime. The Treasurer shall attempt
14 to return a firearm that has not been used in the
15 commission of a crime to the rightful owner, provided
16 that the owner may lawfully possess the firearm. If the
17 owner of the firearm may not lawfully possess the
18 firearm, cannot be located, does not respond to notice
19 published under Section 12 of this Act, or responds to
20 that notice and states that he or she will not claim an
21 interest in the firearm, the Treasurer shall (i) donate
22 the firearm to the Illinois State Museum if the firearm
23 has historical value or (ii) have the firearm destroyed.
24 (b) Any sale held under this Section, except a sale of
25 securities or commodities, shall be preceded by a single
26 publication of notice thereof, at least 3 weeks in advance of
27 sale in an English language newspaper of general circulation
28 in the county where the property is to be sold. When property
29 fails to sell and is offered again at a subsequent sale, no
30 additional notice is required for the subsequent sale.
31 (c) The purchaser at any sale conducted by the State
32 Treasurer pursuant to this Act shall receive title to the
33 property purchased, free from all claims of the owner or
34 prior holder thereof and of all persons claiming through or
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1 under them. The State Treasurer shall execute all documents
2 necessary to complete the transfer of title.
3 (d) The Office of the State Treasurer is not liable for
4 any reduction in the value of property caused by changing
5 market conditions.
6 (Source: P.A. 91-16, eff. 7-1-99.)
7 Section 99. Effective date. This Act takes effect upon
8 becoming law.