Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below:
         (1) a traveler’s check, 15 years after issuance;
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Terms Used In Illinois Compiled Statutes 765 ILCS 1026/15-201

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • Trustee: A person or institution holding and administering property in trust.

         (2) a money order, 5 years after issuance;
         (3) any instrument on which a financial organization
    
or business association is directly liable, other than a money order, 3 years after issuance;
        (4) a state or municipal bond, bearer bond, or
    
original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises;
        (5) a debt of a business association, 3 years after
    
the obligation to pay arises;
        (6) financial organization deposits as follows:
             (i) a demand deposit, 3 years after the date of
        
the last indication of interest in the property by the apparent owner;
            (ii) a savings deposit, 3 years after the date of
        
last indication of interest in the property by the apparent owner;
            (iii) a time deposit for which the owner has not
        
consented to automatic renewal of the time deposit, 3 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner;
            (iv) an automatically renewable time deposit for
        
which the owner consented to the automatic renewal in a record on file with the holder, 3 years after the date of last indication of interest in the property by the apparent owner, following the completion of the initial term of the time deposit and one automatic renewal term of the time deposit;
        (6.5) virtual currency, 5 years after the last
    
indication of interest in the property;
        (7) money or a credit owed to a customer as a result
    
of a retail business transaction, other than in-store credit for returned merchandise, 3 years after the obligation arose;
        (8) an amount owed by an insurance company on a life
    
or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arose under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:
            (A) with respect to an amount owed on a life or
        
endowment insurance policy, the earlier of:
                (i) 3 years after the death of the insured; or
                 (ii) 2 years after the insured has attained,
            
or would have attained if living, the limiting age under the mortality table on which the reserve for the policy is based; and
            (B) with respect to an amount owed on an annuity
        
contract, 3 years after the death of the annuitant.
        (9) funds on deposit or held in trust pursuant to the
    
Illinois Funeral or Burial Funds Act, the earliest of:
            (A) 2 years after the date of death of the
        
beneficiary;
            (B) one year after the date the beneficiary has
        
attained, or would have attained if living, the age of 105 where the holder does not know whether the beneficiary is deceased;
            (C) 40 years after the contract for prepayment
        
was executed, unless the apparent owner has indicated an interest in the property more than 40 years after the contract for prepayment was executed, in which case, 3 years after the last indication of interest in the property by the apparent owner;
        (10) property distributable by a business association
    
in the course of dissolution or distributions from the termination of a retirement plan, one year after the property becomes distributable;
        (11) property held by a court, including property
    
received as proceeds of a class action, 3 years after the property becomes distributable;
        (12) property held by a government or governmental
    
subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, 3 years after the property becomes distributable;
        (12.5) amounts payable pursuant to Section 20-175 of
    
the Property Tax Code, 3 years after the property becomes payable;
        (13) wages, commissions, bonuses, or reimbursements
    
to which an employee is entitled, or other compensation for personal services, including amounts held on a payroll card, one year after the amount becomes payable;
        (14) a deposit or refund owed to a subscriber by a
    
utility, one year after the deposit or refund becomes payable, except that any capital credits or patronage capital retired, returned, refunded or tendered to a member of an electric cooperative, as defined in § 3.4 of the Electric Supplier Act, or a telephone or telecommunications cooperative, as defined in § 13-212 of the Public Utilities Act, that has remained unclaimed by the person appearing on the records of the entitled cooperative for more than 2 years, shall not be subject to, or governed by, any other provisions of this Act, but rather shall be used by the cooperative for the benefit of the general membership of the cooperative; and
        (15) property not specified in this Section or
    
Sections 15-202 through 15-208, the earlier of 3 years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises.
    Notwithstanding anything to the contrary in this Section 15-201, and subject to Section 15-210, a deceased owner cannot indicate interest in his or her property. If the owner is deceased and the abandonment period for the owner’s property specified in this Section 15-201 is greater than 2 years, then the property, other than an amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, shall instead be presumed abandoned 2 years from the date of the owner’s last indication of interest in the property.
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