7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Court: IL Can Profit From Unclaimed Property
SPRINGFIELD, Ill. (AP) -- The state Supreme Court says Illinois is doing nothing wrong when it makes money off of unclaimed property.

Illinois has a policy of taking control of long-forgotten bank accounts and other forms of abandoned property. If the rightful owner ever shows up, the property is returned.

But the state invests the money while waiting for the owner to claim it. Then it keeps any profit from that investment.

Some property owners challenged the law. They argue any interest should go to the owners when they finally show up.

The Illinois Supreme Court disagreed. It ruled Thursday that the property owners have no right to the interest collected while the state is managing the money.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
05 20 10 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.