The Illinois Treasurer’s office has advised us that a best practice is to report unclaimed property to the state that has priority in the property. In this case, that would mean reporting and delivering the property directly to Missouri.
However, the Treasurer’s office does regularly remit unclaimed property to states with which it has reciprocity agreements, which may be acceptable for small amounts of property — including a single cashier’s check.
For resources related to our guidance, please see:
- Illinois RUUPA, 765 ILCS 1026/15-302 (“The administrator may take custody of property that is presumed abandoned, whether located in this State, another state, or a foreign country if:
(1) the last-known address of the apparent owner in the records of the holder is in this State
(2) the records of the holder do not reflect the identity or last-known address of the apparent owner, but the administrator has determined that the last-known address of the apparent owner is in this State.”)
- Illinois RUUPA, 765 ILCS 1026/15-604(a) (“Effect of payment or delivery of property to administrator. (a) On payment or delivery of property to the administrator under this Act, the administrator as agent for the State assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property to the administrator in good faith and substantially complies with Sections 15-501 and 15-502 is relieved of all liability which thereafter may arise or be made in respect to the property to the extent of the value of the property so paid or delivered.”)
- Illinois RUUPA, 765 ILCS 1026/15-604(b) (“If legal proceedings are instituted by any other state or states in any state or federal court with respect to unclaimed funds or abandoned property previously paid or delivered to the administrator, the holder shall give written notification to the administrator and the Attorney General of this State of such proceedings within 10 days after service of process. . . If, after the holder has actively defended in such proceedings pursuant to a direction of the Attorney General, or has been notified in writing by the Attorney General that no defense need be made with respect to such funds, a judgment is entered against the holder for any amount paid to the administrator under this Act, the administrator shall, upon being furnished with proof of payment in satisfaction of such judgment, reimburse the holder the amount so paid. The administrator shall also reimburse the holder for any legal fees, costs and other directly related expenses incurred in legal proceedings undertaken pursuant to the direction of the Attorney General.”)