Sec. 15-204. When custodial account for minor presumed abandoned.

492 words·~2 min read·/il/chapter-765/act-1026/15-204

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Subject to Section 15-210, property held in an account established under a state's Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 3 years after the later of:

(1)except as in subparagraph (2), the date a communication sent by the holder by

first-class United States mail to the custodian of the minor on whose behalf the account was opened is returned undelivered to the holder by the United States Postal Service;

(2)if a communication is re-sent within 30 days after the date the first communication

is returned undelivered, the date the second communication was returned undelivered; or

(3)the date on which the custodian is required to transfer the property to the minor or

the minor's estate in accordance with the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act of the state in which the account was opened.

(b)If the holder does not send communications to the custodian of the minor on whose behalf an account described in subsection

(a)was opened by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the custodian's interest in the property by sending the custodian an electronic-mail communication not later than 2 years after the custodian's last indication of interest in the property. However, the holder promptly shall attempt to contact the custodian by first-class United States mail if:

(1)the holder does not have information needed to send the custodian an electronic mail

communication or the holder believes that the custodian's electronic-mail address in the holder's records is not valid;

(2)the holder receives notification that the electronic-mail communication was not

received; or

(3)the custodian does not respond to the electronic-mail communication within 30 days

after the communication was sent.

(c)If first-class United States mail sent under subsection

(b)is returned undelivered to the holder by the United States Postal Service, the property is presumed abandoned 3 years after the later of:

(1)the date a communication to contact the custodian by first-class United States mail

is returned to the holder undelivered by the United States Postal Service; or

(2)the date established by subsection (a)(3).

(d)Notwithstanding any other provision of this Act, money of a minor deposited pursuant to Section 24-21 of the Probate Act of 1975 shall not be presumed abandoned earlier than 3 years after the minor attains legal age. Such money shall be deposited into an account which shall indicate the date of birth of the minor.

(e)(Blank).

(f)When the property in the account described in subsections

(a)or

(d)is transferred to the minor on whose behalf an account was opened or to the minor's estate, the property in the account is no longer subject to this Section.