Illinois Compiled Statutes 765 ILCS 1026/15-602 – Dormancy charge; escheat fee
Current as of: 2024 | Check for updates
|
Other versions
(a) A holder may deduct a dormancy charge or an escheat fee from property required to be paid or delivered to the administrator if:
(1) a valid contract between the holder and the
(1) a valid contract between the holder and the
|
apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim the property within a specified time; and
|
(2) the holder regularly imposes the charge and
|
regularly does not reverse or otherwise cancel the charge.
|
(b) The amount of the deduction under subsection (a) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner.
(c) (Blank).
Terms Used In Illinois Compiled Statutes 765 ILCS 1026/15-602
- Contract: A legal written agreement that becomes binding when signed.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
(c) (Blank).