Illinois Compiled Statutes 765 ILCS 1025 Uniform Disposition of Unclaimed Property Act. Section 10.5

    (765 ILCS 1025/10.5)

    Sec. 10.5. Nonapplicability of Act.

    (a) Unless the personal property was identified in a final examination report by the Director of Financial Institutions issued pursuant to a duly authorized examination and the final examination report was received by the holder on or before May 1, 1993, this Act does not apply to (i) travelers checks reportable as unclaimed property before July 1, 1973, (ii) funds held by any federal, state, or local government or governmental subdivision, agency, entity, officer, or appointee thereof reportable as unclaimed property before July 1, 1981, or (iii) any other personal property reportable as unclaimed property before July 1, 1985, based upon the presumptive abandonment period in effect on that date.

    (b) For reports required to be filed after December 31, 1993, this Act does not apply to any reportable personal property held prior to the period required for presumptive abandonment of the property plus the 9 years immediately preceding the beginning of that period.

    (c) Subsections (a) and (b) do not apply to property held by a trust division or trust department or by a trust company, or affiliate of any of the foregoing that provides nondealer corporate custodial services for securities or securities transactions, organized under the laws of this or another state or the United States.

    As of January 1, 1998, this subsection shall not be applicable unless the Department of Financial Institutions has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.

    (d) Subsections (a) and (b) do not apply to property held by a holder who files a fraudulent report or fails to file a report.

    (e) Subsections (a) and (b) do not apply if, as a result of their application, another state would have a legal right to delivery of the property and such other state has commenced proceedings with respect to the property.

(Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)

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Last modified: February 18, 2015