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Does Illinois law prevent minor accounts from being reported as unclaimed property after five years of dormancy? – IBA Compliance Connection

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Does Illinois law prevent minor accounts from being reported as unclaimed property after five years of dormancy?

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A special rule in the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18] extends the abandonment time period for certain types of minor accounts established under the Probate Act. 765 ILCS 1025/2(f) [Repealed effective 1/1/18]. That section of the Probate Act enables a court to place a minor’s inheritance money into a custodial account at a financial institution. 755 ILCS 5/24-21. Such accounts “shall not be presumed abandoned earlier than 5 years after the minor attains legal age.” 765 ILCS 1025/2(f) [Repealed effective 1/1/18]. We do not believe that this rule applies to all minor accounts, but only to minor accounts holding inheritance money that are established under that section of the Probate Act.