Sec. 15-805. Escheat of certain abandoned local government moneys.
169 words·~1 min read·
/il/chapter-765/act-1026/15-805A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-805. Escheat of certain abandoned local government moneys. Property presumed abandoned where the administrator reasonably believes the owner is a unit of local government in this State shall escheat to the State and shall be deposited into the General Revenue Fund if all of the following apply:
(1)the administrator has provided written notice to the unit of local government
pursuant to subsection
(b)of Section 15-504 at least 3 times in at least 3 different calendar years;
(2)it has been more than 5 years since the administrator first provided written notice
to the unit of local government pursuant to subsection
(b)of Section 15-504;
(3)the administrator has published a notice on the administrator's website for at least
one year of the value of the property, the name of the unit of local government, and that such presumed abandoned property is subject to escheat; and
(4)the unit of local government has not initiated a claim or otherwise expressed an
indication of interest in the property.