Court: Ill. can profit from unclaimed property

SPRINGFIELD – The state Supreme Court said Illinois was doing nothing wrong when it makes money off of unclaimed property.

The court ruled Thursday that property owners have no right to the interest collected from an Illinois policy of taking control of forgotten bank accounts and other abandoned properties. If the rightful owner ever shows up, the property is returned.

– Wire Reports

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 argued any interest should go to the owners when they finally show up.

The court ruled Thursday that the property owners have no right to the interest collected while the state is managing the money.