Sec. 15-905. Allowance of claim for property.

224 words·~1 min read·/il/chapter-765/act-1026/15-905

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

(a)The administrator shall pay or deliver to the owner the property or pay to the owner the net proceeds of a sale of the property, together with income or gain to which the owner is entitled under Section 15-607. On request of the owner, the administrator may sell or liquidate property and pay the net proceeds to the owner, even if the property had been held by the administrator for less than 3 years or the administrator has not complied with the notice requirements under Section 15-503.

(b)Property held under this Act by the administrator is subject to offset under Section 10.05 of the State Comptroller Act.

(c)Any warrants issued by the Comptroller pursuant to a voucher from the administrator to pay an owner under this Act that are not presented to the Treasurer within 12 months of the date of issuance shall be void pursuant to Section 10.07 of the State Comptroller Act, but the funds shall not escheat to the State and shall instead be redeposited in the Unclaimed Property Trust Fund.

(d)The administrator shall be responsible for any tax reporting required by federal law related to payments made pursuant to this Act. The administrator may contract with a vendor to assist with the tax reporting duties required by this subsection.