Full Text of HB5607 99th General Assembly
HB5607 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB5607 Introduced , by Rep. Lou Lang SYNOPSIS AS INTRODUCED: |
| 765 ILCS 1025/8.1 | from Ch. 141, par. 108.1 |
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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.
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| | A BILL FOR |
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| 1 | | AN ACT concerning property.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Uniform Disposition of Unclaimed Property | 5 | | Act is amended by changing Section 8.1 as follows:
| 6 | | (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
| 7 | | Sec. 8.1. Property held by governments.
| 8 | | (a) All tangible personal property or intangible personal | 9 | | property and all
debts owed or entrusted funds or other | 10 | | property held by any federal, state or
local government or | 11 | | governmental subdivision, agency, entity, officer or
appointee | 12 | | thereof, shall be presumed abandoned if the property has | 13 | | remained
unclaimed for 7 years except as provided in subsection | 14 | | (c) .
| 15 | | (b) This Section applies to all abandoned property held by | 16 | | any federal,
state or local government or governmental | 17 | | subdivision, agency, entity, officer
or appointee thereof, on | 18 | | the effective date of this amendatory Act of 1991 or
at any | 19 | | time thereafter, regardless of when the property became or | 20 | | becomes
presumptively abandoned.
| 21 | | (c) United States savings bonds. | 22 | | (1) As used in this subsection, "United States savings | 23 | | bond" means property, tangible or intangible, in the form |
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| 1 | | of a savings bond issued by the United States Treasury, | 2 | | whether in paper, electronic, or paperless form, along with | 3 | | all proceeds thereof in the possession of the State | 4 | | Treasurer. | 5 | | (2) Notwithstanding any provision of this Act to the | 6 | | contrary, a United States savings bond subject to this | 7 | | Section or held or owing in this State by any person shall | 8 | | be presumed abandoned when such bond has remained unclaimed | 9 | | and unredeemed for 5 years after its date of final extended | 10 | | maturity. | 11 | | (3) United States savings bonds that are presumed | 12 | | abandoned and unclaimed under paragraph (2) shall escheat | 13 | | to the State of Illinois and all property rights and legal | 14 | | title to and ownership of the United States savings bonds, | 15 | | or proceeds from the bonds, including all rights, powers, | 16 | | and privileges of survivorship of any owner, co-owner, or | 17 | | beneficiary, shall vest solely in the State according to | 18 | | the procedure set forth in paragraphs (4) through (6). | 19 | | (4) Within 180 days after a United States savings bond | 20 | | has been presumed abandoned, in the absence of a claim | 21 | | having been filed with the State Treasurer for the savings | 22 | | bond, the State Treasurer shall commence a civil action in | 23 | | the Circuit Court of Sangamon County for a determination | 24 | | that the United States savings bonds has escheated to the | 25 | | State. The State Treasurer may postpone the bringing of the | 26 | | action until sufficient United States savings bonds have |
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| 1 | | accumulated in the State Treasurer's custody to justify the | 2 | | expense of the proceedings. | 3 | | (5) The State Treasurer shall make service by | 4 | | publication in the civil action in accordance with Sections | 5 | | 2-206 and 2-207 of the Code of Civil Procedure, which shall | 6 | | include the filing with the Circuit Court of Sangamon | 7 | | County of the affidavit required in Section 2-206 of that | 8 | | Code by an employee of the State Treasurer with personal | 9 | | knowledge of the efforts made to contact the owners of | 10 | | United States savings bonds presumed abandoned under this | 11 | | Section. In addition to the diligent inquiries made | 12 | | pursuant to Section 2-206 of the Code of Civil Procedure, | 13 | | the State Treasurer may also utilize additional | 14 | | discretionary means to attempt to provide notice to persons | 15 | | who may own a United States savings bond registered to a | 16 | | person with a last known address in the State of Illinois | 17 | | subject to a civil action pursuant to paragraph (4). | 18 | | (6) The owner of a United States savings bond | 19 | | registered to a person with a last known address in the | 20 | | State of Illinois subject to a civil action pursuant to | 21 | | paragraph (4) may file a claim for such United States | 22 | | savings bond with either the State Treasurer or by filing a | 23 | | claim in the civil action in the Circuit Court of Sangamon | 24 | | County in which the savings bond registered to that person | 25 | | is at issue prior to the entry of a final judgment by the | 26 | | Circuit Court pursuant to this subsection, and unless the |
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| 1 | | Circuit Court determines that such United States savings | 2 | | bond is not owned by the claimant, then such United States | 3 | | savings bond shall no longer be presumed abandoned. If no | 4 | | person files a claim or appears at the hearing to | 5 | | substantiate a disputed claim or if the court determines | 6 | | that a claimant is not entitled to the property claimed by | 7 | | the claimant, then the court, if satisfied by evidence that | 8 | | the State Treasurer has substantially complied with the | 9 | | laws of this State, shall enter a judgment that the United | 10 | | States savings bonds have escheated to this State, and all | 11 | | property rights and legal title to and ownership of such | 12 | | United States savings bonds or proceeds from such bonds, | 13 | | including all rights, powers, and privileges of | 14 | | survivorship of any owner, co-owner, or beneficiary, shall | 15 | | vest in this State. | 16 | | (7) The State Treasurer shall redeem from the Bureau of | 17 | | the Fiscal Service of the United States Treasury the United | 18 | | States savings bonds escheated to the State and deposit the | 19 | | proceeds from the redemption of United States savings bonds | 20 | | into the Unclaimed Property Trust Fund. | 21 | | (8) Any person making a claim for the United States | 22 | | savings bonds escheated to the State under this subsection, | 23 | | or for the proceeds from such bonds, may file a claim with | 24 | | the State Treasurer. Upon providing sufficient proof of the | 25 | | validity of such person's claim, the State Treasurer may, | 26 | | in his or her sole discretion, pay such claim. If payment |
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| 1 | | has been made to any claimant, no action thereafter shall | 2 | | be maintained by any other claimant against the State or | 3 | | any officer thereof for or on account of such funds. | 4 | | (Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)
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