If there has been no indication of interest since the CD’s first automatic renewal term, we believe the CD would be considered abandoned at the end of October 2024.

The Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) provides that an automatically renewable time deposit will be presumed abandoned “3 years after the date of last indication of interest in the property by the apparent owner, following the completion of the initial term of the time deposit and one automatic renewal term of the time deposit.”

Since the CD’s initial date of maturity was in April of 2019, and it automatically renewed for a 30-month term, the automatic renewal term would have ended in October 2021. Consequently, the CD would be considered abandoned three years after that date in October 2024 — provided there is no further indication of interest during this timeframe.

For resources related to our guidance, please see:

• Illinois RUUPA, 765 ILCS 1026/15-201 (“Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: . . . (6) financial organization deposits as follows: . . . (iv) an automatically renewable time deposit for which the owner consented to the automatic renewal in a record on file with the holder, 3 years after the date of last indication of interest in the property by the apparent owner, following the completion of the initial term of the time deposit and one automatic renewal term of the time deposit.”)