SB 1212 — CIVIL LAW-TECH

*LRB09404860LCB34889b* SB1212 94THEngrossed GENERALLRB094 ASSEMBLY04860 StateLCB of34889 Illinoisb andAN 2006ACT SB1212concerning Introducedcivil 2/18/2005,law. by Sen.

John J.

Cullerton - Emil Jones, Jr.

SYNOPSIS AS INTRODUCED:

ILCS 1025/1 from Ch.

141, par.

101 Amends the Uniform Disposition of Unclaimed Property Act.

Makes a technical change in a Section concerning definitions.

LRB094 04860 LCB 34889 b A BILL FOR SB1212 LRB094 04860 LCB 34889 b AN ACT concerning civil law.

The"An UniformAct Dispositionto authorize the Department of UnclaimedMental PropertyHealth to convey certain State-owned lands in Kane County", approved August 10, 1965, as amended by "An Act to amend Section 3 of "An Act to authorize the Department of Mental Health to convey certain State-owned lands in Kane County", approved August 10, 1965", approved March 2, 1967, is amended by changing Section 13 as follows:

(765(Laws ILCS1965, 1025/1)p. (from Ch.

141,2927, par.Sec.

101)3; Sec.

1.Laws 1967, p.

As28, usedSec. in this Act, unless the context otherwise requires:

(a)1) "BankingSec. organization" means any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, or a private banker.

(b)3. "Business association" means any corporation, joint stock company, business trust, partnership, or any association, limited liability company, or other business entity consisting of one or more persons, whether or not for profit.

(c)(a) "FinancialExcept organization"as meansprovided anyin savingssubsection and(b), andthe loanThe association,purchaser buildingshall agree that the land described in Section 1 shall be used for public educational and loanrecreational association,purposes, creditbut union,may currencyconvey exchange,any co-operativepart bank,of mutualthat funds,land orto investmentthe company.board of a public junior college district which includes any part of Kane County in its territory at a purchase price computed on the basis of a price per acre which does not exceed that authorized by this Act for the conveyance to the City of Elgin.

(d)Such "Holder"an meansagreement anydoes personnot inprevent possessionthe City of propertyElgin subjectfrom toselling thisor Actleasing, belongingunder tothe another,conditions orand whoin isthe trusteemanner provided in caseDivision 76 of aArticle trust,11 orof isthe indebtedIllinois toMunicipal anotherCode, onany anpart obligationof subjectthat toland thisnot Act.so conveyed.

(e)(b) "LifeThe insuranceprovisions corporation"of meanssubsection any(a) associationdo ornot corporationapply transactingto the businessfollowing ofdescribed insuranceland, onwhich theis livesa part of personsthe orland insurancedescribed appertainingin thereto,Section including,1: but not by way of limitation, endowments and annuities.

(f)THAT "Owner"PART meansOF aTHE depositorSOUTH inHALF caseOF ofSECTION a21, deposit,TOWNSHIP a41 beneficiaryNORTH, inRANGE case8 ofEAST aOF trust,THE aTHIRD creditor,PRINCIPAL claimant,MERIDIAN orDESCRIBED payeeAS inFOLLOWS: case of other property, or any person having a legal or equitable interest in property subject to this Act, or his SB1212 - 2 - LRB094 04860 LCB 34889 b legal representative.

(g)COMMENCING "Person"AT meansTHE anySOUTHEAST individual,CORNER businessOF association,THE financialNORTHEAST organization,QUARTER governmentOF orTHE politicalSOUTHWEST subdivisionQUARTER orOF agency,SAID publicSECTION authority,21; estate, trust, or any other legal or commercial entity.

(h)THENCE "Utility"SOUTH means88 anyDEGREES person16 whoMINUTES owns35 orSECONDS operates,WEST, forALONG publicTHE use,NORTH anyLINE plant,OF equipment,THE property,SOUTHEAST franchise,QUARTER orOF licenseTHE forSOUTHWEST theQUARTER transmissionOF ofSAID communicationsSB1212 orEngrossed the- production,2 storage,- transmission,LRB094 sale,04860 delivery,LCB or34889 furnishingb ofSECTION electricity,21, water,A steam,DISTANCE oilOF or474.18 gas.FEET;

(i)THENCE (Blank).NORTH 58 DEGREES 14 MINUTES 37 SECONDS WEST, A DISTANCE OF 235.77 FEET;

(j)THENCE "InsuranceNORTH company"32 meansDEGREES any44 personMINUTES transacting49 theSECONDS kindsWEST, ofA businessDISTANCE enumeratedOF in162.03 SectionFEET; 4 of the Illinois Insurance Code other than life insurance.

(k)THENCE "EconomicNORTH loss",09 asDEGREES used02 inMINUTES Sections18 2aSECONDS andWEST, 9A ofDISTANCE thisOF Act360.85 includes,FEET butFOR isTHE notPOINT limitedOF to,BEGINNING; delivery charges, mark-downs and write-offs, carrying costs, restocking charges, lay-aways, special orders, issuance of credit memos, and the costs of special services or goods provided that reduce the property value or that result in lost sales opportunity.

(l)THENCE "ReportableSOUTH property"09 meansDEGREES property,02 tangibleMINUTES or18 intangible,SECONDS presumedEAST, abandonedA underDISTANCE thisOF Act360.85 thatFEET; must be appropriately and timely reported and remitted to the Office of the State Treasurer under this Act.

Interest,THENCE dividends,SOUTH stock32 splits,DEGREES warrants,44 orMINUTES other49 rightsSECONDS thatEAST, becomeA reportableDISTANCE propertyOF under162.03 thisFEET; Act include the underlying security or commodity giving rise to the interest, dividend, split, warrant, or other right to which the owner would be entitled.

(m)THENCE "Firearm"SOUTH has58 theDEGREES meaning14 ascribedMINUTES to37 thatSECONDS termEAST, inA theDISTANCE FirearmOF Owners74.33 IdentificationFEET; Card Act.

THENCE SOUTH 37 DEGREES 35 MINUTES 46 SECONDS EAST, A DISTANCE OF 109.91 FEET TO A POINT ON THE SOUTH LINE OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 21;

THENCE SOUTH 88 DEGREES 16 MINUTES 35 SECONDS WEST, ALONG THE SOUTH LINE OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 21 ALSO BEING THE SOUTH LINE OF PROPERTY PREVIOUSLY OWNED BY THE STATE OF ILLINOIS BY DOCUMENT NUMBER 498148, A DISTANCE OF 783.03 FEET TO THE SOUTHWEST CORNER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 21;

THENCE NORTH 00 DEGREES 56 MINUTES 00 SECONDS WEST, ALONG THE WEST LINE OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 21 ALSO BEING THE MOST WESTERLY LINE OF PROPERTY PREVIOUSLY OWNED BY THE STATE OF ILLINOIS BY DOCUMENT NUMBER 498148, A DISTANCE OF 624.62 FEET TO THE INTERSECTION WITH A LINE THAT IS 30.00 FEET, AS MEASURED PERPENDICULAR, SOUTHERLY OF AND PARALLEL WITH THE NORTHERLY LINE OF PROPERTY PREVIOUSLY OWNED BY THE STATE OF ILLINOIS BY DOCUMENT NUMBER 498148;

THENCE NORTH 88 DEGREES 01 MINUTES 35 SECONDS EAST ALONG SAID PARALLEL LINE, A DISTANCE OF 518.58 FEET TO THE POINT OF BEGINNING.

BEING SITUATED IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS AND CONTAINING 8.59 ACRES MORE OR LESS.

P.A.Laws 1965, p.

90-167,2927; eff.

7-23-97;Laws 1967, p.

91-16,28.) eff.Section 999.

7-1-99;Effective date.

91-748,This eff.Act takes effect upon becoming law.