Illinois General Assembly - Full Text of Public Act 099-0556
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Public Act 099-0556





Public Act 099-0556
HB5607 EnrolledLRB099 18218 JLS 42587 b

    AN ACT concerning property.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Section 8.1 as follows:
    (765 ILCS 1025/8.1)  (from Ch. 141, par. 108.1)
    Sec. 8.1. Property held by governments.
    (a) All tangible personal property or intangible personal
property and all debts owed or entrusted funds or other
property held by any federal, state or local government or
governmental subdivision, agency, entity, officer or appointee
thereof, shall be presumed abandoned if the property has
remained unclaimed for 7 years except as provided in subsection
    (b) This Section applies to all abandoned property held by
any federal, state or local government or governmental
subdivision, agency, entity, officer or appointee thereof, on
the effective date of this amendatory Act of 1991 or at any
time thereafter, regardless of when the property became or
becomes presumptively abandoned.
    (c) United States savings bonds.
        (1) As used in this subsection, "United States savings
    bond" means property, tangible or intangible, in the form
    of a savings bond issued by the United States Treasury,
    whether in paper, electronic, or paperless form, along with
    all proceeds thereof in the possession of the State
        (2) Notwithstanding any provision of this Act to the
    contrary, a United States savings bond subject to this
    Section or held or owing in this State by any person shall
    be presumed abandoned when such bond has remained unclaimed
    and unredeemed for 5 years after its date of final extended
        (3) United States savings bonds that are presumed
    abandoned and unclaimed under paragraph (2) shall escheat
    to the State of Illinois and all property rights and legal
    title to and ownership of the United States savings bonds,
    or proceeds from the bonds, including all rights, powers,
    and privileges of survivorship of any owner, co-owner, or
    beneficiary, shall vest solely in the State according to
    the procedure set forth in paragraphs (4) through (6).
        (4) Within 180 days after a United States savings bond
    has been presumed abandoned, in the absence of a claim
    having been filed with the State Treasurer for the savings
    bond, the State Treasurer shall commence a civil action in
    the Circuit Court of Sangamon County for a determination
    that the United States savings bonds has escheated to the
    State. The State Treasurer may postpone the bringing of the
    action until sufficient United States savings bonds have
    accumulated in the State Treasurer's custody to justify the
    expense of the proceedings.
        (5) The State Treasurer shall make service by
    publication in the civil action in accordance with Sections
    2-206 and 2-207 of the Code of Civil Procedure, which shall
    include the filing with the Circuit Court of Sangamon
    County of the affidavit required in Section 2-206 of that
    Code by an employee of the State Treasurer with personal
    knowledge of the efforts made to contact the owners of
    United States savings bonds presumed abandoned under this
    Section. In addition to the diligent inquiries made
    pursuant to Section 2-206 of the Code of Civil Procedure,
    the State Treasurer may also utilize additional
    discretionary means to attempt to provide notice to persons
    who may own a United States savings bond registered to a
    person with a last known address in the State of Illinois
    subject to a civil action pursuant to paragraph (4).
        (6) The owner of a United States savings bond
    registered to a person with a last known address in the
    State of Illinois subject to a civil action pursuant to
    paragraph (4) may file a claim for such United States
    savings bond with either the State Treasurer or by filing a
    claim in the civil action in the Circuit Court of Sangamon
    County in which the savings bond registered to that person
    is at issue prior to the entry of a final judgment by the
    Circuit Court pursuant to this subsection, and unless the
    Circuit Court determines that such United States savings
    bond is not owned by the claimant, then such United States
    savings bond shall no longer be presumed abandoned. If no
    person files a claim or appears at the hearing to
    substantiate a disputed claim or if the court determines
    that a claimant is not entitled to the property claimed by
    the claimant, then the court, if satisfied by evidence that
    the State Treasurer has substantially complied with the
    laws of this State, shall enter a judgment that the United
    States savings bonds have escheated to this State, and all
    property rights and legal title to and ownership of such
    United States savings bonds or proceeds from such bonds,
    including all rights, powers, and privileges of
    survivorship of any owner, co-owner, or beneficiary, shall
    vest in this State.
        (7) The State Treasurer shall redeem from the Bureau of
    the Fiscal Service of the United States Treasury the United
    States savings bonds escheated to the State and deposit the
    proceeds from the redemption of United States savings bonds
    into the Unclaimed Property Trust Fund.
        (8) Any person making a claim for the United States
    savings bonds escheated to the State under this subsection,
    or for the proceeds from such bonds, may file a claim with
    the State Treasurer. Upon providing sufficient proof of the
    validity of such person's claim, the State Treasurer may,
    in his or her sole discretion, pay such claim. If payment
    has been made to any claimant, no action thereafter shall
    be maintained by any other claimant against the State or
    any officer thereof for or on account of such funds.
(Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)

Effective Date: 1/1/2017