(755 ILCS 5/24-5) (from Ch. 110 1/2, par. 24-5)
Sec. 24-5.
Distribution on presumption of death - deposit in court or
in depositaries.)
(a) Before distribution is made to a distributee of the estate of a person
presumed to be dead, the distributee or someone for and on behalf of the
distributee must give bond payable to the people of the State of Illinois in double
the value of the distributive share to be paid, with surety to be approved
by the court, conditioned to refund to the person presumed to be dead, if alive, or to
any other person lawfully entitled thereto, the share received by the distributee. The
bond may provide that it is binding on the surety for a period of not to exceed
10 years from the date thereof, but the release of the surety at the expiration
of the 10 years does not release the distributee from liability to
refund the distributive share received by him.
(b) In any case where funds have been deposited pursuant to the order of any court
in the office of the county treasury or any other depositary for the benefit
of any person
and have there remained for a period of 20 years or more without lawful claim being made
therefor, the funds are thereafter distributable to the heirs or legatees of
such person under the presumption of death testate or intestate, as
found by any court of competent jurisdiction, upon the entry
into bond by each distributee, without surety, conditioned to refund
on demand, to the presumed decedent, if alive, or to any other person lawfully
entitled thereto, all money and other property or assets received by the distributee
as heir or legatee; and in all cases of distribution there shall not thereafter
be any recourse
to, or liability on the part of the treasurer, depositary or any representative
or officer of court.
(Source: P.A. 79-328.)
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