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Can you confirm that safe deposit boxes are subject to a five-year dormancy period under the new Illinois unclaimed property law, rather than the three-year dormancy period applied to most other types of property? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Can you confirm that safe deposit boxes are subject to a five-year dormancy period under the new Illinois unclaimed property law, rather than the three-year dormancy period applied to most other types of property?

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Yes, the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) treats tangible property as abandoned five years after the expiration of the lease or rental period for the box.

For resources related to our guidance, please see:

  • Illinois RUUPA 765 ILCS 1026/15-205 (“Tangible property held in a safe-deposit box are presumed abandoned if the property remains unclaimed by the apparent owner 5 years after the expiration of the lease or rental period for the box.”)