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Public Act 099-0556
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| HB5607 Enrolled | LRB099 18218 JLS 42587 b |
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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 |
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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 |
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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 |
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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 |