Illinois Compiled Statutes 765 ILCS 1026/15-205 – When contents of safe-deposit box presumed abandoned
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Terms Used In Illinois Compiled Statutes 765 ILCS 1026/15-205
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Tangible property held in a safe-deposit box are presumed abandoned if the property remains unclaimed by the apparent owner 5 years after the expiration of the lease or rental period for the box.