Sec. 3-65a. Duties of holder of abandoned property.
               	 		
      Sec. 3-65a. Duties of holder of abandoned property. (a) Within one hundred 
eighty days before a presumption of abandonment is to take effect in respect to property 
subject to section 3-60b or 3-60c and within one year before a presumption of abandonment is to take effect in respect to all other property subject to this part, and if the owner's 
claim is not barred by law, the holder shall notify the owner thereof, by first class mail 
directed to the owner's last-known address, that evidence of interest must be indicated 
as required by this part or such property will be transferred to the Treasurer and will be 
subject to escheat to the state.
      (b) Within ninety days after the close of the calendar year in which property is 
presumed abandoned, the holder shall pay or deliver such property to the Treasurer and 
file, on forms which the Treasurer shall provide, a report of unclaimed property. Each 
report shall be verified and shall include: (1) The name, if known, and last-known address, if any, of each person appearing to be the owner of such property; (2) in case of 
unclaimed funds of an insurance company, the full name of the insured or annuitant and 
beneficiary and his or her last-known address appearing on the insurance company's 
records; (3) the nature and identifying number, if any, or description of the property and 
the amount appearing from the records to be due except that the holder shall report in 
the aggregate items having a value of less than fifty dollars; (4) the date when the property 
became payable, demandable or returnable and the date of the last transaction with the 
owner with respect to the property; (5) if the holder is a successor to other holders, or 
if the holder has changed the holder's name, all prior known names and addresses of 
each holder of the property; and (6) such other information as the Treasurer may require.
      (c) Verification, if made by a partnership, shall be executed by a partner; if made 
by an unincorporated association or private corporation, by an officer; and if made by 
a public corporation, by its chief fiscal officer.
      (d) The Treasurer shall keep a permanent record of all reports submitted to the 
Treasurer.
      (e) Except for claims paid under section 3-67a and except as provided in subsection 
(e) of section 3-70a, no owner shall be entitled to any interest, income or other increment 
which may accrue to property presumed abandoned from and after the date of payment 
or delivery to the Treasurer.
      (f) The Treasurer may decline to receive any property the value of which is less 
than the cost of giving notice or holding sale, or may postpone taking possession until 
a sufficient sum accumulates.
      (g) The Treasurer, or any officer or agency designated by the Treasurer, may examine any person on oath or affirmation, or the records of any person or any agent of the 
person including, but not limited to, a dividend disbursement agent or transfer agent of 
a business association, banking organization or insurance company that is the holder of 
property presumed abandoned to determine whether the person or agent has complied 
with this part. The Treasurer may conduct the examination even if the person or agent 
believes the person or agent is not in possession of any property that must be paid, 
delivered or reported under this part. The Treasurer may bring an action in a court of 
appropriate jurisdiction to enforce the provisions of this part.
      (h) Upon request of the holder, the Treasurer may approve the aggregate reporting 
on an estimated basis of two hundred or more items in each of one or more categories 
of unclaimed funds whenever it appears to the Treasurer that each of the items in any 
such category has a value of more than ten dollars but less than fifty dollars and the cost 
of reporting such items would be disproportionate to the amounts involved. Any holder 
electing to so report any such category in the aggregate shall assume responsibility for 
any valid claim presented within twenty years after the year in which the items in such 
category are presumed abandoned.
      (i) A record of the issuance of a check, draft or similar instrument is prima facie 
evidence of the obligation represented by the check, draft or similar instrument. In claiming property from a holder who is also the issuer, the Treasurer's burden of proof as to 
the existence and amount of the property and its abandonment is satisfied by showing 
issuance of the instrument and passage of the requisite period of abandonment. Defenses 
of payment, satisfaction, discharge and want of consideration are affirmative defenses 
that shall be established by the holder.
      (j) Notwithstanding the provisions of subsection (b) of this section, the holder of 
personal property presumed abandoned pursuant to subdivision (5) of subsection (a) of 
section 3-57a shall sell such property and pay the proceeds arising from such sale, 
excluding any charges that may lawfully be withheld, to the Treasurer. A holder of such 
property may contract with a third party to store and sell such property and to pay the 
proceeds arising from such sale, excluding any charges that may be lawfully withheld, 
to the Treasurer, provided the third party holds a surety bond or other form of insurance 
coverage with respect to such activities. Any holder who sells such property and remits 
the excess proceeds to the Treasurer or who transmits such property to a bonded or 
insured third party for such purposes, shall not be responsible for any claims related to 
the sale or transmission of the property or proceeds to the Treasurer. If the Treasurer 
exempts any such property from being remitted or sold pursuant to this subsection, 
whether by regulations or guidelines, the holder of such property may dispose of such 
property in any manner such holder deems appropriate and such holder shall not be 
responsible for any claims related to the disposition of such property or any claims to 
the property itself. For purposes of this subsection, charges that may lawfully be withheld 
include costs of storage, appraisal, advertising and sales commissions as well as lawful 
charges owing under the contract governing the safe deposit box rental.
      (1961, P.A. 540, S. 10; 1963, P.A. 114, S. 1; 1972, P.A. 209, S. 1, 2; Nov. Sp. Sess. P.A. 81-1, S. 8, 10; P.A. 89-358, 
S. 2; P.A. 90-212, S. 2, 4; P.A. 91-114, S. 1; June 30 Sp. Sess. P.A. 03-1, S. 76; May Sp. Sess. P.A. 04-2, S. 47.)
      History: 1963 act added Subsec. (h); 1972 act allowed aggregate reporting of items valued at $10 or less in Subsec. (b) 
and allowed aggregate reporting of items valued at more than $10 but less than $25 with approval of treasurer; Nov. Sp. 
Sess. P.A. 81-1 amended Subsec. (b)(3) to require report for items having value of $25 or less rather than $10 or less as 
was previously the case; P.A. 89-358 added the exception to Subsec. (e) for claims paid under Sec. 3-67a; P.A. 90-212 
amended Subsec. (e) by adding exception for the provisions of Sec. 3-70a(d); P.A. 91-114 amended Subsecs. (b) and (h) 
to increase the level for aggregate reporting from a value of $25 to a value of $50; June 30 Sp. Sess. P.A. 03-1 amended 
Subsec. (a) by adding provisions re 180-day notice period in respect to property subject to Sec. 3-60b or 3-60c and making 
conforming changes re notice period in respect to all other property subject to part, amended Subsec. (b) by replacing 
references to life insurance corporation with references to insurance company and making technical changes, amended 
Subsecs. (d), (e), (f) and (h) by making technical changes, amended Subsec. (g) by replacing provision re examination of 
person who Treasurer has reason to believe has knowledge of or has failed to report or transmit property presumed abandoned 
with provision re examination of person or agent that is the holder of property presumed abandoned to determine whether 
person or agent complied with part, adding provision re examination when person or agent believes the person or agent is 
not in possession of property that must be paid, delivered or reported under part and making a technical change, added 
Subsec. (i) re holder who is issuer of instrument, and added Subsec. (j) re holder of personal property presumed abandoned 
pursuant to Sec. 3-57a(a)(5), effective August 16, 2003; May Sp. Sess. P.A. 04-2 amended Subsec. (j) to add provisions 
re contracts with third parties to store and sell abandoned property, the responsibility of holders in connection with sale 
or transmission of proceeds to the Treasurer, disposal of property by holders in certain circumstances and charges that 
may be lawfully withheld from proceeds, effective May 12, 2004.
      Subsec. (b):
      Cited. 43 CS 278.