§ 15-608 — Administrator's options as to custody

(a) The administrator may decline to take custody of property reported under Section 15-401 if the administrator determines that: (1) the property has a value less than the estimated expenses of notice and sale of the property; or (2) taking custody of the property would be unlawful. (b) A holder may pay or deliver property to the administrator before the property is presumed abandoned under this Act if the holder: (1) provides the apparent owner of the property any notice required by Section 15-501 and provides the administrator evidence of the holder's compliance with this paragraph; (2) includes with the payment or delivery a report regarding the property conforming to Section 15-402; and (3) first obtains the administrator's consent in a record to accept payment or delivery. (c) A holder's request for the administrator's consent under subsection (b)(3) must be in a record. If the administrator fails to respond to the request not later than 30 days after receipt of the request, the administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith. (d) On payment or delivery of property under subsection (b), the property is presumed abandoned.

Legislative History

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