Yes, your bank should report and remit property held in the lockbox to the Illinois Treasurer, as required by the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA). That law does provide your bank with the right to reimbursement of drilling and rekeying costs, but your bank must apply to the Illinois Treasurer for reimbursement of those costs after remitting the property.

Additionally, we do not recommend covering your costs by selling the contents of the box, removing cash from the box or using funds from the deposit account. Your lease agreement does not supersede the Illinois RUUPA, which requires your bank to remit all property held in the box to the Illinois Treasurer and apply for reimbursement of your costs after remitting the property.

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.”)

• Illinois RUUPA, 765 ILCS 1026/15-606 (“Property removed from a safe-deposit box and delivered under this Act to the administrator under this Act is subject to the holder’s right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. Upon application by the holder, and after there are sufficient cash funds available either from the contents of the box or the sale of the property, the administrator shall reimburse the holder from the proceeds.”)