The Illinois RUUPA identifies at least nine different activities that would be considered an “indication of interest” that would prevent property from being considered unclaimed.
Valid indications of interest include increasing or decreasing account funds, written communications, oral communications for which your bank “contemporaneously makes and preserves a record of the fact of the apparent owner’s communication,” accessing the account or information concerning the account (e.g., logging into an online banking portal to check an account balance), and more.
Specifically for demand, savings, or time deposits, valid indications of interest include an increase or decrease in “any other account the apparent owner has with the financial organization” and engaging in “any other relationship with the financial organization, including the payment of any amounts due on a loan” — provided that your books and records show the same mailing address for both accounts.
For resources related to our guidance, please see:
- Illinois RUUPA, 765 ILCS 1026/15-210(b) (“Under this Act, an indication of an apparent owner’s interest in property includes: . . .”)
- Illinois RUUPA, 765 ILCS 1026/15-210(a) (“The period after which property is presumed abandoned is measured from the later of: (1) the date the property is presumed abandoned under this Article; or (2) the latest indication of interest by the apparent owner in the property.”)
- Illinois RUUPA, 765 ILCS 1026/15-210(b) (“Under this Act, an indication of an apparent owner’s interest in property includes: . . . (2) an oral communication by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or its agent contemporaneously makes and preserves a record of the fact of the apparent owner’s communication
- Illinois RUUPA, 765 ILCS 1026/15-210(b) (“Under this Act, an indication of an apparent owner’s interest in property includes: . . . (3) presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution, or evidence of receipt of a distribution made by electronic or similar means, with respect to an account, underlying security, or interest in a business association; . . .”)
- Illinois RUUPA, 765 ILCS 1026/15-210(b) (“Under this Act, an indication of an apparent owner’s interest in property includes: . . . (4) activity directed by an apparent owner in the account in which the property is held, including accessing the account or information concerning the account, or a direction by the apparent owner to increase, decrease, or otherwise change the amount or type of property held in the account; . . .”)
- Illinois RUUPA, 765 ILCS 1026/15-210(f) (“If the apparent owner has another property with the holder to which Section 201(6) applies, then activity directed by an apparent owner in any other accounts, including loan accounts, at a financial organization holding an inactive account of the apparent owner shall be an indication of interest in all such accounts if: (A) the apparent owner engages in one or more of the following activities:
(i) the apparent owner undertakes one or more of the actions described in subsection (b) of this Section regarding any account that appears on a consolidated statement with the inactive account;
(ii) the apparent owner increases or decreases the amount of funds in any other account the apparent owner has with the financial organization; or
(iii) the apparent owner engages in any other relationship with the financial organization, including payment of any amounts due on a loan; and
(B) the foregoing apply so long as the mailing address for the apparent owner in the financial organization’s books and records is the same for both the inactive account and the active account.”)