§ 15-610 — Periods of limitation and repose

Illinois § 15-610

• 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

(a) Expiration, before, on, or after the effective date of this Act, of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this Act to file a report or pay or deliver property to the administrator. (b) An action or proceeding may not be maintained by the administrator to enforce this Act in regard to the reporting, delivery, or payment of property more than 10 years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent.

Legislative History

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