We have two safe deposit boxes (for two different customers) that are both five years’ delinquent in paying their annual rental fees. We have sent multiple notices, the last of which was sent certified mail, return receipt requested. Both customers signed their return receipt cards but have made no other contact with the bank, and their fees remain outstanding. Is this an indication of interest, or can we drill the boxes and turn the contents over to the state?

Yes, an apparent owner’s return of a signed return receipt for a notice regarding unclaimed property sent by certified mail would constitute an indication of interest under the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA). However, you still may be entitled to drill the boxes and remit property in the boxes to the Illinois Treasurer, depending on the terms of your safe deposit box rental agreements.

There are several ways for the apparent owner of an account to indicate their interest in the account, such as “a record communicated by the apparent owner to the holder . . . concerning the property or the account in which the property is held.” The Illinois RUUPA expressly provides that “a signed return receipt in response to a notice sent pursuant to [Section 15-501] by certified United States mail shall constitute a record communicated by the apparent owner to the holder concerning the property or the account in which the property is held.”

Under the Illinois RUUPA, property held in safe deposit boxes is presumed abandoned if the property remains unclaimed by the apparent owner five years after the expiration of the lease or rental period for the box. Since you have received indications of interest from the apparent owners in the form of signed return receipts, you are not required to remit the contents of the safe deposit boxes to the state.

However, depending on the terms of your safe deposit box rental agreements, you may be entitled to drill the boxes due to the unpaid rental fees. Additionally, the Illinois RUUPA permits property holders to remit property before the full presumed abandonment period has passed. If making such an early report, your bank must: (1) provide evidence that it has sent the required notice to the property owner, (2) include the required report regarding the property, and (3) request and obtain the Treasurer’s consent (this consent is deemed to have been provided once thirty days have elapsed after the Treasurer receives the request).

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: (1) a record communicated by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held; . . .”)

Illinois RUUPA, 765 ILCS 1026/15-501(d) (“In addition to other indications of an apparent owner's interest in property pursuant to Section 15-210, a signed return receipt in response to a notice sent pursuant to this Section by certified United States mail shall constitute a record communicated by the apparent owner to the holder concerning the property or the account in which the property is held.”)

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 1026/15-210(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 1026/15-608(b)(3) (“A holder may pay or deliver property to the administrator before the property is presumed abandoned under this Act if the holder:

(1) provides the apparent owner of the property any notice required by Section 15-501 and provides the administrator evidence of the holder's compliance with this paragraph;

(2) includes with the payment or delivery a report regarding the property conforming to Section 15-402; and

(3) first obtains the administrator's consent in a record to accept payment or delivery.”)