§ 15-406 — Presumptively abandoned property held in trust

A holder who holds property presumed abandoned under this Act holds the property in trust for the benefit of the administrator on behalf of the owner from and after the date the property is presumed abandoned under this Act. A holder shall establish trust accounts or otherwise segregate property held for the benefit of the administrator under this Section pending delivery in accordance with Section 15-603, provided that any failure to establish trust accounts or otherwise segregate the property shall not affect the owner's interest in the property or the obligation of the holder to report and remit the property. This Section does not apply to property held by an insurance company as defined in this Act or property insured by the Federal Deposit Insurance Corporation, National Credit Union Administration, or other insurer of accounts approved by a depository institution's primary financial regulatory agency.

Legislative History

(Source: P.A. 104-116, eff. 1-1-26 .)