Section 760.94  Receipt and Sale of Securities and Commodities

a)         Securities and commodities received by the State Treasurer as unclaimed property shall be sold as soon as practical and not later than one year from the date of receipt subject to the following:

1)         Securities and commodities shall not be sold prior to ninety (90) calendar days subsequent to the date of the first publication of the owner's name(s) and address(es), pursuant to Section 12 of the Act; unless the Treasurer or the Treasurer's authorized representative determines it would be in the best interests of the owner (such as:  responding to a tender offer, bankruptcy filing, liquidation, adverse or favorable market conditions) for the sale to occur prior to the expiration of the ninety (90) calendar day period.

2)         Securities and commodities eligible for sale will not be sold when a claim has been filed with the Treasurer by a potential owner, heir or agent. However, upon approval of a claim, the owner, heir or agent may request the Treasurer to dispose of the securities or commodities by sale and remit the net proceeds to the owner, heir or agent, or upon disapproval of the claim, the Treasurer shall by sale dispose of the securities or commodities.

b)         Securities and commodities which become reportable abandoned property under the Act, when remitted to the Treasurer, must include all interest, dividend(s), stock split(s), if any, warrants, or other rights even though said interest, dividend(s), stock splits(s), warrants, or other rights standing alone would not be reportable abandoned property.

c)         Interest, dividend(s), stock split(s), warrants, or other rights which become reportable abandoned property under the Act, must, when remitted to the Treasurer, include the underlying security or commodity giving rise to the interest, dividend(s), or split(s), warrants, or other rights.

(Source:  Added at 17 Ill. Reg. 123, effective December 21, 1992)