Illinois § 15-208

§ 15-208.

When security presumed abandoned. (a) Subject to Section 15-210, a security is presumed abandoned upon the earlier of the following: (1) 3 years after the date a communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States Postal Service; however, if such returned communication is re-sent within one month to the apparent owner, the 3-year period does not begin to run until the day the resent item is returned as undeliverable; or (2) 5 years after the date of the apparent owner's last indication of interest in the security. (b) If the holder does not send communications to the apparent owner of a security by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the apparent owner's interest in the security by sending the apparent owner an electronic-mail communication not later than 3 years after the apparent owner's last indication of interest in the security. However, the holder promptly shall attempt to contact the apparent owner by first-class United States mail if: (1) the holder does not have information needed to send the apparent owner an electronic-mail communication or the holder believes that the apparent owner's electronic-mail address in the holder's records is not valid; (2) the holder receives notification that the electronic-mail communication was not received; or (3) the apparent owner does not respond to the electronic-mail communication within 30 days after the communication was sent. (c) If first-class United States mail sent under subsection (b) is returned to the holder undelivered by the United States Postal Service, the security is presumed abandoned in accordance with subsection (a)(2) above. (d) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased. Notwithstanding the standards set forth in paragraphs (a), (b) and (c), if the holder either receives confirmation of the death of the apparent owner in the ordinary course of its business or confirms the death of the apparent owner under this subsection (d), then, the property shall be presumed abandoned 2 years after the date of death of the owner. (Source: P.A. 100-22, eff. 1-1-18.)