Unclaimed Property in Illinois Laws and Regulations
Use Illinois unclaimed properties laws and regulations to return and locate unclaimed propertyUnclaimed 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:
- 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.
- 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.
- 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.
Study the laws that relate to owners of Illinois unclaimed property
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 propertyThese 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.
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 findersUnclaimed 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.
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.
- 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.
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