Property is generally considered abandoned or unclaimed if the existence and location of the owner is unknown for an extended period of time—often three years. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.
In Illinois, property is deemed abandoned or unclaimed if the owner cannot be located for a specified period, typically three years. This includes assets such as bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and the contents of safe deposit boxes. Businesses holding such property are required to attempt to contact the owner and, if unsuccessful, must turn the property over to the Illinois State Treasurer's Unclaimed Property Division. The Treasurer's office then serves as the custodian of these assets and makes efforts to locate the rightful owners or their heirs. Individuals who believe they have unclaimed property held by the state can search the Illinois Unclaimed Property database and file a claim to recover their assets. The Illinois Unclaimed Property Act, found in 765 ILCS 1026/, governs the process of reporting, transferring, and claiming abandoned property in the state.