Unclaimed Property in Illinois
Locate IL unclaimed property to use in your businessA 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.
Find agencies that handle state of Illinois unclaimed property
Participate in an Illinois unclaimed property auctionMost states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.
Search for Illinois unclaimed properties in your citySome 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.
- 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.
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