Illinois § 15-903
Full text of Illinois Illinois Compiled Statutes § 15-903, with citation guidance and answers to common questions.
§ 15-903.
Claim for property by person claiming to be owner. (a) A person claiming to be the owner of property held under this Act by the administrator or to the proceeds from the sale thereof may file a claim for the property on a form prescribed by the administrator. The claimant must verify the claim as to its completeness and accuracy. (b) The administrator may waive the requirement in subsection (a) and may pay or deliver property directly to a person if: (1) the person receiving the property or payment is shown to be the apparent owner included on a report filed under Section 15-401; (2) the administrator reasonably believes the person is entitled to receive the property or payment; and (3) the property has a value of less than $5,000. (c) The administrator may change the maximum value in subsection (b) by administrative rule. (d) This Section is the sole administrative and legal procedure for claiming property under this Act. Compliance with this Section is required prior to exercising the exclusive judicial remedy found in Section 15-906. (Source: P.A. 102-835, eff. 5-13-22; 103-977, eff. 1-1-25.)
Frequently Asked Questions About Illinois § 15-903
What does Illinois Compiled Statutes § 15-903 cover?
Section 15-903 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 15-903?
A common citation format is "Illinois Compiled Statutes § 15-903" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 15-903 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.