Illinois law addresses unclaimed assets, ranging from forgotten bank accounts and uncashed checks to stocks, dividends, and insurance proceeds. These statutes outline the process by which such holdings are deemed abandoned and subsequently transferred to the state’s custody for safekeeping until rightful owners can be located. For example, a dormant bank account with no activity for a specified period might be considered abandoned and escheated to the state.
This system safeguards the interests of owners while ensuring that unclaimed resources are managed responsibly. Historically, unclaimed property laws evolved to prevent windfalls for financial institutions and provide a mechanism for returning assets to their proper owners. These regulations contribute to fiscal responsibility within the state by providing a revenue stream while simultaneously working to reunite individuals and businesses with their lost assets.
