Full Text of SB0155 99th General Assembly
SB0155eng 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 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.
| 14 | | (b) This Section applies to all abandoned property held by | 15 | | any federal,
state or local government or governmental | 16 | | subdivision, agency, entity, officer
or appointee thereof, on | 17 | | the effective date of this amendatory Act of 1991 or
at any | 18 | | time thereafter, regardless of when the property became or | 19 | | becomes
presumptively abandoned.
| 20 | | (c) United States savings bonds. | 21 | | (1) As used in this subsection, "United States savings | 22 | | bond" means property, tangible or intangible, in the form | 23 | | of a savings bond issued by the United States Treasury, |
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| 1 | | whether in paper, electronic, or paperless form, along with | 2 | | all proceeds thereof. | 3 | | (2) Notwithstanding any provision of this Act to the | 4 | | contrary, a United States savings bond subject to this | 5 | | Section or held or owing in this State by any person, shall | 6 | | be presumed abandoned when such bond has remained unclaimed | 7 | | and unredeemed for 5 years after its date of maturity. | 8 | | (3) United States savings bonds that are presumed | 9 | | abandoned and unclaimed under paragraph (2), including | 10 | | bonds in the possession of the State Treasurer, and those | 11 | | lost, stolen, or destroyed bonds registered to persons with | 12 | | last known addresses in this State, shall escheat to this | 13 | | State and all property rights and legal title to and | 14 | | ownership of the United States savings bonds, or proceeds | 15 | | from the bonds, including all rights, powers, and | 16 | | privileges of survivorship of any owner, co-owner, or | 17 | | beneficiary, shall vest solely in this 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 bond has escheated to this | 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. | 6 | | (6) If no person files a claim or appears at the | 7 | | hearing to substantiate a claim or if the court determines | 8 | | that a claimant is not entitled to the property claimed by | 9 | | the claimant, then the court, if satisfied by evidence that | 10 | | the State Treasurer has substantially complied with the | 11 | | laws of this State, shall enter a judgment that the United | 12 | | States savings bonds have escheated to this State, and all | 13 | | property rights and legal title to and ownership of such | 14 | | United States savings bonds or proceeds from such bonds, | 15 | | including all rights, powers, and privileges of | 16 | | survivorship of any owner, co-owner, or beneficiary, shall | 17 | | vest in this State. | 18 | | (7) The State Treasurer shall redeem from the Bureau of | 19 | | the Fiscal Service of the United States Treasury the United | 20 | | States savings bonds escheated to this State and deposit | 21 | | the proceeds from the redemption of United States savings | 22 | | bonds into the Unclaimed Property Trust Fund. | 23 | | (8) Any person making a claim for the United States | 24 | | savings bonds escheated to this State under this Section, | 25 | | or for the proceeds from such bonds, may file a claim with | 26 | | the State Treasurer. Upon providing sufficient proof of the |
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| 1 | | validity of such person's claim, the State Treasurer may, | 2 | | in his or her sole discretion, pay such claim less any | 3 | | expenses and costs incurred by this State in securing full | 4 | | title and ownership of such property by escheat. If payment | 5 | | has been made to any claimant, no action thereafter shall | 6 | | be maintained by any other claimant against this State or | 7 | | any officer thereof for or on account of such funds. | 8 | | (Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)
| 9 | | Section 99. Effective date. This Act takes effect upon | 10 | | becoming law. |
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