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.
Find agencies that handle state of Illinois unclaimed propertyStart at the state level if you are looking for property that belongs to a specific person and work down.
Learn more about the laws regarding Illinois unclaimed propertiesEach 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.
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 auctionLook 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.
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.
- 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.