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#161666 - 02/19/04 02:48 PM Safe Deposit - Past Due Account Question
QCL Offline

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QCL
Joined: May 2002
Posts: 6,259
NW IL
Two questions:
1. I have been trying to locate the Illinois Law on this at http://www.legis.state.il.us but am having no luck; does anyone know where I can find laws or regulations pertaining to the Safe Deposit area?
2. Can the bank use the right of set-off for past due safe deposit accounts? Our policy says that we will do this, our contract says that we will use "whatever legal means are necessary." So I am trying to find the laws that pertain.
Thanks!
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#161667 - 02/19/04 04:55 PM Re: Safe Deposit - Past Due Account Question
Tesla Offline
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Joined: Nov 2003
Posts: 3,669
765 ILCS 1025/2(d) may help.


This information is not intended to be legal advice. Seek a lawyer if you wish to have this cite interpreted for you.

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#161668 - 02/19/04 06:20 PM Re: Safe Deposit - Past Due Account Question
QCL Offline

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QCL
Joined: May 2002
Posts: 6,259
NW IL
Doesn't this just apply for property that has been unclaimed by the owner for more than 5 years? Our policy states:

"After sixty days, send another past-due notice. If no response is received within a week, the customer's account can be charged for the past due rental. If the lessee has no other account relationship with the bank, the information on the past due account is turned over to the Cashier who sends a formal letter to the lessee. "

I guess that I am checking into the legality of this statement.
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#161669 - 02/19/04 09:14 PM Re: Safe Deposit - Past Due Account Question
Tesla Offline
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Joined: Nov 2003
Posts: 3,669
I hope you were not offended by my comment regarding legal advice, but I am in a profession where UPL (unauthorized practice of law) is a big issue and I like to be extra careful.

After re-reading your post, you are correct, unless you want to wait 5 years, that cite does not appear to be helpful. I will check the banking act and see if I see anything else and let you know!

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#161670 - 02/19/04 10:36 PM Re: Safe Deposit - Past Due Account Question
QCL Offline

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QCL
Joined: May 2002
Posts: 6,259
NW IL
Oh, no, I was not offended.
Sorry about that.
(I agree - a court of law would probably not uphold - "SkiDoo on BOL said to do this...")
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