Making the most of unclaimed property in Illinois will require you to determine the holder of the property. Cities and counties may serve as custodians of unclaimed property until certain criteria are met. At that time, custodianship of the property is then turned over to the state. This allows claimants to search for their property in a central location.

Unclaimed property in Illinois can be an inexpensive way to obtain business equipment as companies frequently lose property through misfortune or carelessness. The appropriate agency will require specific forms and procedures in order to approve your claim on the property. Unclaimed property generally falls into one of the following categories:

1. Liquid assets such as uncashed checks, a bank account or the contents of a safe deposit box.

2. Illinois abandoned property that the original owner is unlikely to claim. This is commonly a wrecked vehicle or real estate with delinquent taxes but may also include a treasure trove. Property owners usually have a superior claim to a treasure trove than a trespasser who discovers the property.

3. Illinois treasurer unclaimed property that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.

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Find agencies that handle state of Illinois unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.

I recommend: The Illinois State Treasurer maintains a database of unclaimed property in the state that you can search by name and city. The Department of Business Affairs and Licensing for Chicago regulates the disposition of unclaimed vehicles in motor vehicle repair shops.

Learn more about the laws regarding Illinois unclaimed properties

Each state has laws regarding the disposition of unclaimed property. These laws should specify the conditions that allow the state to assume custodianship of the property and any conditions that allow the property to revert to the state.

I recommend: The Illinois General Assembly has the text of Uniform Disposition of Unclaimed Property Act. UPRR specializes in unclaimed property law and has articles on unclaimed property in Illinois.

Buy a vehicle in an Illinois unclaimed property auction

Look at the various auctions that occur regularly throughout Illinois if you are interested in bidding on a car. Vehicles are typically the mainstays of unclaimed property auctions and consist of abandoned vehicles, vehicles seized by law enforcement and surplus vehicles.

I recommend: The Oswego Police Department holds online auctions of unclaimed property including vehicles. The City of Wheaton puts unclaimed vehicles up for public auction on a regular basis per city ordinance.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over Illinois state unclaimed property to the state is called escheatment and legal documents may therefore refer to the property as escheat. Businesses usually encounter escheat in the form of an unclaimed pay check and are generally required to make a good faith effort to find the owner.

A court may classify unclaimed property in Illinois as abandoned, lost or mislaid. These classifications have their origins in common law and can therefore be difficult to interpret under modern legal systems. Property that the original owner fails to claim after a specified number of years generally belongs to the finder. However, a property owner usually has a superior claim to property that a trespasser discovers.

There are specific forms and procedures to follow when claiming Illinois unclaimed property. Generally, the state serves as the custodian for abandoned property in Illinois until the appropriate agencies review and approve the finder’s claim. Companies frequently lose property through misfortune or carelessness. Unclaimed property can be an inexpensive way to obtain equipment for your business.

There are general types of Illinois state unclaimed property:

1. Liquid assets such as a dormant bank account, safe deposit contents, unclaimed deposits or refunds, uncashed checks and unused insurance benefits;

2. Abandoned property the original owner is unlikely to return to claim. Certain property such as wrecked cars, ships or aircraft may belong to the state;

3. Property confiscated by law enforcement or repossessed by a loan company. These items are frequently auctioned off to the public.

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Find agencies that handle state of Illinois unclaimed property

Beware of sites that charge you a fee to help you find contact information for the Illinois unclaimed property division. This information should be available from your state government at no charge.

I recommend: Conduct a national search at MissingMoney.com by first and last name, and state. The Illinois Treasury Department keeps a database of unclaimed property that it holds. You can search the database by your name or the company’s name.

Participate in an Illinois unclaimed property auction

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.

I recommend: SeizedLuxuryHomes.com allows you to search for seized homes by zip code. You may bid on these homes at local or online auctions. PropertyRoom.com auctions property seized by law enforcement agencies across the country.

Search for Illinois unclaimed properties in your city

Some cities in Illinois have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.

I recommend: You can find unclaimed property in Peoria by contacting the police department property clerk. The website for Moline lists the people to whom the city currently owes money.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Illinois to the state is called escheatment. In business, this is most commonly an unclaimed pay check and each company must file an unclaimed property report. The company must also make a good faith effort to find the owner.
• •  Unclaimed property in Illinois that the owner deliberately hides or conceals may be a treasure trove instead of mislaid property. The property must remain concealed long enough for the owner to be dead or undiscoverable. A treasure trove may belong to the finder or the property owner.

Unclaimed property in Illinois laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

Illinois state unclaimed property laws that are relevant to a particular case depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:

1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of Illinois unclaimed property is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
3. IL abandoned property is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Illinois abandoned property belongs to the finder.
   

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Study the laws that relate to owners of Illinois unclaimed property

Laws on unclaimed property commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The Illinois Department of the Treasury is in charge of locating unclaimed property for an individual.

I recommend: McClean County provides a search by first and last name for owners of unclaimed property in that county. The Illinois Department of Natural Resources has the regulations for returning unclaimed watercraft to the owner in Illinois.

Review the laws that are specific to holders of state of Illinois unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.

I recommend: The Champaign Public Library discusses the rights and obligations of holders of unclaimed property in Illinois. The Office of the Illinois State Treasurer provides the reporting regulations for unclaimed property holders in Illinois.

Examine state of IL unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.

I recommend: The Illinois Administrative Code issued by the Illinois General Assembly provides the laws for finders to make claims on unclaimed property in Illinois. Publius' Forum discusses the effect of legislation on finder's firms for unclaimed property in Illinois.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The Uniform Unclaimed Property Act is a key piece of federal legislation that affects abandoned property in Illinois. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.

Unclaimed property in Illinois basics define unclaimed property as property that has not been claimed for a specified period of time, known as the abandonment period. Financial institutions and other businesses routinely report unclaimed property to the state of Illinois and are generally required to turn it over to the state once the abandonment period expires.

The state is required by federal law to administer Illinois state unclaimed property once the abandonment period has expired. Illinois has state laws that specify the procedures for locating the owners of unclaimed property that is in its custody. There are generally three types of information sources for unclaimed property in Illinois:

1. The state government. The official Illinois abandoned property site maintains the state’s property database, and other government departments may offer basic information on unclaimed property.
2. Third parties. Businesses and other private organizations may provide free information on unclaimed property, in addition to selling unclaimed property services in Illinois.
3. Local jurisdictions. Generally, each county and city in Illinois has specific procedures for locating owners of unclaimed property before the abandonment period expires.
   

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Find state agencies that deal with abandoned property in Illinois

The state of Illinois administrates unclaimed property that it receives from businesses and government entities throughout the state. Illinois also has specific laws that regulate unclaimed property.

I recommend: The Illinois State Treasurer provides a FAQ of basic questions on unclaimed property in Illinois. The United States Bankruptcy Court for the Northern District of Illinois specifies the procedure for recovering unclaimed funds in a bankruptcy court.

Learn about Illinois unclaimed properties from private sources

There are many businesses that provide searches of IL abandoned property. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Illinois.

I recommend: RBO Financial Solutions is located in Chicago and provides a definition of unclaimed property in Illinois. Joel Schoenmeyer is a practicing attorney in Illinois who provides a summary of a probate case involving unclaimed property.

Look for state of Illinois unclaimed property in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.

I recommend: Adams County keeps lists of people that the county and court system is holding unclaimed property for. The Treasurer's Office for Kane County has a list of unclaimed funds that it is currently holding.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Unclaimed property in Illinois is administered by the state as a result of the Uniform Unclaimed Property Act. This act was last revised in 1995 and specifically deals with unclaimed property that is in the custody of businesses. These funds frequently can be located in databases that contain the property of more than one state.