Sec. 15-903. Claim for property by person claiming to be owner.

179 words·~1 min read·/il/chapter-765/act-1026/15-903

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

(a)A person claiming to be the owner of property held under this Act by the administrator or to the proceeds from the sale thereof may file a claim for the property on a form prescribed by the administrator. The claimant must verify the claim as to its completeness and accuracy.

(b)The administrator may waive the requirement in subsection

(a)and may pay or deliver property directly to a person if:

(1)the person receiving the property or payment is shown to be the apparent owner

included on a report filed under Section 15-401;

(2)the administrator reasonably believes the person is entitled to receive the property

or payment; and

(3)the property has a value of less than $5,000.

(c)The administrator may change the maximum value in subsection

(b)by administrative rule.

(d)This Section is the sole administrative and legal procedure for claiming property under this Act. Compliance with this Section is required prior to exercising the exclusive judicial remedy found in Section 15-906.