Illinois Compiled Statutes 765 ILCS 1026/15-204 – When custodial account for minor presumed abandoned
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(a) Subject to Section 15-210, property held in an account established under a state‘s Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 3 years after the later of:
(1) except as in subparagraph (2), the date a
(1) except as in subparagraph (2), the date a
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communication sent by the holder by first-class United States mail to the custodian of the minor on whose behalf the account was opened is returned undelivered to the holder by the United States Postal Service;
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(2) if a communication is re-sent within 30 days
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after the date the first communication is returned undelivered, the date the second communication was returned undelivered; or
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(3) the date on which the custodian is required to
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transfer the property to the minor or the minor’s estate in accordance with the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act of the state in which the account was opened.
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(b) If the holder does not send communications to the custodian of the minor on whose behalf an account described in subsection (a) was opened by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the custodian’s interest in the property by sending the custodian an electronic-mail communication not later than 2 years after the custodian’s last indication of interest in the property. However, the holder promptly shall attempt to contact the custodian by first-class United States mail if:
(1) the holder does not have information needed to
Terms Used In Illinois Compiled Statutes 765 ILCS 1026/15-204
- Probate: Proving a will
- 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
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) the holder does not have information needed to
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send the custodian an electronic mail communication or the holder believes that the custodian’s electronic-mail address in the holder’s records is not valid;
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(2) the holder receives notification that the
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electronic-mail communication was not received; or
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(3) the custodian does not respond to the
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electronic-mail communication within 30 days after the communication was sent.
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(c) If first-class United States mail sent under subsection (b) is returned undelivered to the holder by the United States Postal Service, the property is presumed abandoned 3 years after the later of:
(1) the date a communication to contact the custodian
(1) the date a communication to contact the custodian
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by first-class United States mail is returned to the holder undelivered by the United States Postal Service; or
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(2) the date established by subsection (a)(3).
(d) Notwithstanding any other provision of this Act, money of a minor deposited pursuant to § 24-21 of the Probate Act of 1975 shall not be presumed abandoned earlier than 3 years after the minor attains legal age. Such money shall be deposited into an account which shall indicate the date of birth of the minor.
(e) (Blank).
(f) When the property in the account described in subsections (a) or (d) is transferred to the minor on whose behalf an account was opened or to the minor’s estate, the property in the account is no longer subject to this Section.
(d) Notwithstanding any other provision of this Act, money of a minor deposited pursuant to § 24-21 of the Probate Act of 1975 shall not be presumed abandoned earlier than 3 years after the minor attains legal age. Such money shall be deposited into an account which shall indicate the date of birth of the minor.
(e) (Blank).
(f) When the property in the account described in subsections (a) or (d) is transferred to the minor on whose behalf an account was opened or to the minor’s estate, the property in the account is no longer subject to this Section.