Legal Question in Banking Law in Illinois
re: mother finding a savings bank account pass book from 1971 with $3000. No record of it being closed. Previously asked the LawGuru a few months ago, replied with burden or proof lies with bank - go to small claims court. I heard there is a statue of time limitation of seven - thirteen years where banks have to keep records of inactive savings accounts - after which records are no longer kept. So, I was wondering if this is true for the state of IL (bank confirms this by phone). My only recourse seems to be to go to small claims court. Can you confirm the accuracy of statue of time limitation of keeping records of inactive bank accounts and explain the feasibility of a favorable outcome from Small Claims Court?
1 Answer from Attorneys
Money should be on deposit with the Illinois Treasurer.
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