§760.310. Anti-Limitations Provision

a)         Expiration of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under the Act to file a report or pay or deliver property to the administrator. [765 ILCS 1026/15-610(a)]

 

b)         This provision of the Act is a continuation of existing Illinois law.  Under the common law in Illinois, contracts could not serve as a limitation on the ability of the State to take custody of unclaimed property. (See People ex rel. Callahan v. Marshall Field & Co., 83 Ill. App. 3d 811, 818, 404 N.E.2d 368, 374 (1980) citing Connecticut Mutual Life Insurance Co. v. Moore, 333 U.S. 541 (1948); Screen Actors Guild, Inc. v. Cory (1979), 91 Cal. App. 3d 111, 154 Cal. Rptr. 77; and State v. Jefferson Lake Sulphur Co. (1962), 36 N.J. 577, 178 A.2d 329.)