§ 15-606 — Property removed from safe-deposit box

Illinois § 15-606

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 765: PROPERTY
• Act 765 ILCS 1026/: Revised Uniform Unclaimed Property Act.
• Art.: Title 15 - Revised Uniform Unclaimed Property Act

Text

Property removed from a safe-deposit box and delivered under this Act to the administrator under this Act is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. Upon application by the holder, and after there are sufficient cash funds available either from the contents of the box or the sale of the property, the administrator shall reimburse the holder from the proceeds. The administrator shall promulgate administrative rules concerning the reimbursement process under this Section.

Legislative History

(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)