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Title

  • Instructions For Filing The Annual Report Of Unclaimed Property Safe Deposit Boxes And Safekeeping Items Using Forms Upd 205 And Upd 206. . .

Description

  • The Illinois Uniform Disposition of Unclaimed Property Act Act requires that safe deposit boxes with contents which have remained unclaimed for five 5 years after expiration of lease be presumed abandoned. Therefore, safe deposit boxes whose leases expired June 30, 2001 and prior, are considered abandoned and reportable. The due date for filing the Annual Report of Safe Deposit Boxes is November 1, 2006. If you have abandoned safe deposit boxes that are reportable and the owners have not been contacted previously concerning their accounts' inactivity, Section 1025/11 e of the Act requires that: "before filing the annual report the holder of property presumed abandoned under this act shall communicate with the owner at his last known address if any address is known to the holder,... If the holder has not communicated with the owner at his last known address at least 120 days before the deadline for filing the annual report, the holder shall mail, at least 60 days before that deadline, a letter by first class mail to the owner at his last known address, if any address not shown to be inaccurate is known to the holder." In order for a safe deposit box to not be considered abandoned, the owner must have satisfied all back rent and legal charges pursuant to the rental contract and/or other charges permitted by law.

Originally Deposited as: 2423

Published By:
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Language(s): EN-English

Volume or Year: 2006
Number or Issue: November 1

Date Created: 08 11 2006
Date Last Modified: 08 11 2006

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1. Instructions for filing the annual report of unclaimed property safe deposit boxes and safekeeping items using forms UPD205 and UPD206 (Instructionsforfilingannualreport-safedepositboxes8-06.pdf).
Document Size:93681 Software: Acrobat Distiller Version: 7.0.5 Windows