Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 390/18.5

    (815 ILCS 390/18.5)
    Sec. 18.5. Presumptively abandoned trust funds.

(a) After final payment on a pre-need contract, the entire amount held in trust attributable to undelivered cemetery merchandise and unperformed cemetery services, including undistributed interest earned thereon, is presumptively abandoned 2 years after the earlier of:

(A) the later of:
(i) the date the seller in the ordinary course of

its business receives notice or an indication of the death of a beneficiary; or

(ii) 10 years after the death of a beneficiary if

a beneficiary is cremated and the purchaser or the heir or assign, or other beneficiaries if any, or a duly authorized representative of the purchaser or a beneficiary, has not indicated an interest in the trust funds;

(B) the date a beneficiary has attained, or would

have attained if living, the age of 105 where both the trustee and the seller do not know whether a beneficiary is deceased; or

(C) 50 years after the pre-need contract was

executed, unless the purchaser or the heir or assign, or a duly authorized representative of the purchaser or a beneficiary, has indicated an interest in the property more than 50 years after the pre-need contract was executed, in which case, 3 years after the last indication of interest by the purchaser or the heir or assign, or a beneficiary, or a duly authorized representative of a purchaser or a beneficiary.

(b) The period after which trust funds are presumed abandoned is measured from the later of: (1) the date the trust funds are presumed abandoned under this Section; or (2) the latest indication of interest by the apparent owner in the trust funds.  If more than one beneficiary is included in a pre-need contract, an indication of interest by any one or more of the beneficiaries requires that the presumption of abandonment under paragraphs (A) and (B) of subsection (a) be evaluated based on the beneficiary's information. An indication of interest in the trust funds includes any one or more of the actions listed in subsection (b) of Section 15-210 of the Revised Uniform Unclaimed Property Act.

(c) The seller shall notify the trustee of the pre-need trust funds in writing when any trust funds are presumed abandoned under this Section.

(d) If the seller is licensed to hold care funds under the Cemetery Care Act, then within 30 days of receiving notice that pre-need trust funds are presumed abandoned under this Section, the trustee of the pre-need trust funds shall remit the presumptively abandoned pre-need trust funds to the trustee for the care fund held pursuant to the Cemetery Care Act for deposit into such care fund. If the seller has retained an independent trustee pursuant to the Cemetery Care Act, then any funds remitted pursuant to this Section shall be remitted to the independent trustee. If the purchaser or beneficiary of pre-need trust funds presumed abandoned under this Section and deposited into a care fund makes a claim, then the seller shall direct the trustee of the care funds held pursuant to the Cemetery Care Act to refund the purchaser or beneficiary the amount that was deposited into the care fund.

(e) If the seller is not licensed to hold care funds under the Cemetery Care Act, the trustee of pre-need trust funds shall remit presumptively abandoned trust funds to the Comptroller semi-annually within 30 days after the end of June and December for deposit into the Cemetery Consumer Protection Fund. If the purchaser or beneficiary of pre-need trust funds that were presumed abandoned under this Section and deposited into the Cemetery Consumer Protection Fund makes a claim, then either the seller shall request restitution or reimbursement from the Cemetery Consumer Protection Fund as provided in Section 22 and provide the cemetery merchandise or cemetery services pursuant to the pre-need contract, or the purchaser or beneficiary shall request restitution or reimbursement from the Cemetery Consumer Protection Fund as provided in Section 22.

(f) Notwithstanding any provision of this Act, the only penalties that may be imposed in connection with the administration of this Section are those provided in the Revised Uniform Unclaimed Property Act.

(Source: P.A. 101-552, eff. 1-1-20.)