The Illinois Dormant Calendar is a tool used to track the expiration dates of certain statutory deadlines for filing claims against corporate entities in the state of Illinois. It includes all statutory deadlines imposed by Illinois law, including those related to the filing of tort claims, contract claims, and other legal actions. The calendar is updated annually to reflect changes in the state’s statutes. There are two types of Illinois Dormant Calendar: the Statute of Limitations Calendar and the Statutory Notice Calendar. The Statute of Limitations Calendar covers the time period in which a claim must be brought or a cause of action must be brought in order to be valid under the law, and the Statutory Notice Calendar contains notices of the deadlines imposed by the state for filing claims and serving legal documents.
Illinois Dormant Calendar
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How to fill out Illinois Dormant Calendar?
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FAQ
Unclaimed Property Dormancy Periods Property TypeDormancy Period (years)CommentsDeposit or refund owed by a utility1Year after the deposit or refund becomes payable.All other property3Years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises.10 more rows ?
Generally, if the property in question has not had any activity within a certain period of time, e.g., three years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer's Office.
The period of inactivity is referred to as the dormancy period. The general rule is that after a 3-year dormancy period the unclaimed property must be reported and remitted to the state.
Section 15-1507, any personal property remaining in or upon the abandoned residential property shall be deemed to have been abandoned by the owner of such personal property and may be disposed of or donated by the holder of the certificate of sale (or, if none, by the purchaser at the sale).
Unclaimed Property Page. The State Treasurer is holding more than 3.5 billion dollars in unclaimed funds for Illinoisans. The State holds these lost funds until they are claimed by either the original owner or their heirs. Property is returned at no cost with the proper identification.
In most situations 3 years is the dormancy period however refer to the Illinois Revised Unclaimed Property Act.
Unclaimed property dormancy is a period of time during which there is no activity from the unclaimed property owner. The unclaimed property dormancy varies by property type, but is pretty uniform across the states for that type of property.