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Unclaimed Property

Illinois law regarding unclaimed property has changed, effective January 1, 2018.  The Revised Uniform Unclaimed Property Act (765 ILCS 1026) changed the presumptive period of abandonment for deposit accounts from five years to three.  As a result, Glasford Bank is required by law to turn over to the Illinois State Treasurer's Office any accounts that have had no activity for a period of three years, subject to owner notification and requirements of the Act.