ENGINEERING DESIGN & ENTREPRENEURSHIP
Illinois Statutes
765 ILCS 1020 - Finding Lost Property
28 - In all cases where such lost goods, money, bank notes
or other choses in action shall not exceed the sum of $100 in value and
the owner thereof is unknown, the finder shall advertise the sum at the
court house and if the owner does not claim such money, goods, bank notes
or other choses in action within 6 months from the time of such advertisement,
the ownership of such property shall vest in the finder and the court shall
enter an order to that effect.
If the value exceeds the sum of $100, the county clerk within 20 days
after receiving the certified copy of the court's order shall cause a notice
thereof to be published for 3 weeks successively in some public newspaper
in the county and if the owner of such goods, money, bank notes, or other
choses in action does not claim the same and pay the finder's charges and
expenses within one year after the advertisement thereof as aforesaid,
the ownership of such property shall vest in the finder and the court shall
enter an order to that effect.
35 - Except as otherwise provided in this Act, whoever sells, trades,
destroys, or in any way disposes of any estray or other property taken
up or anyproperty found, or takes or sends the same out of this state,
for any purpose whatever, before the time limited by this Act for the vesting
of ownership in the finder or taker-up shall pay double the value of such
property, to be recovered in the circuit court in the name of the owner.
20 ILCS 1020 - The Illinois Lottery
19 - Prizes for lottery games which involve the purchase
of a physical lottery ticket may be claimed only by presentation of a valid
lottery ticket; no claim may be honored which is based on the assertion
that the ticket was lost or stolen.
(20) "Holder" means a person who is in possession
of a document of title or an instrument or an investment security drawn,
issued or indorsed to him or his order or to a bearer or in blank.
(1) A holder in due course is a holder who takes the instrument
(a) for value; and (b) in good faith; and (c) without notice that is overdue
or has been dishonored or any defense against it or claim to it on the
part of any person.
Unless he has the rights of a holder in due course any person
takes the instrument subject to (a) all valid claims to it on the part
of any person, ...
(1) Any person who obtains or acceptance and any prior transferor
warrants to a person who in good faith pays or accepts that
(a) he has good title to the instrument or is authorized to obtain
payment or acceptance on behalf of one who has good title;
(b) he has no knowledge that the signature of the maker or drawer is
unauthorized ...
(2) Any person who transfers an instrument and receives consideration warrants
to his transferee ...
(a) he has obtained good title to the instrument ...; and
(b) all signatures are genuine or authorized; and
(c) the instrument has not been materially altered; and
(d) no defense of any party is good against him; and
(1) The liability of any party is discharged to the extent
of his payment or satisfaction to the holder (of a negotiable instrument)
even though it is made with the knowledge of a claim of another person
to the instrument unless prior to such payment or satisfaction the person
making the claim either supplies indemnity deemed to be adequate by the
party seeking the discharge or enjoins payment or satisfaction by order
of a court of competent jurisdiction in an action in which the adverse
claimant and the holder are parties. This subsection does not, however,
result in the discharge of liability (a) of a party who in bad faith pays
or satisfies a holder who acquired the instrument by theft or who (unless
having the rights of a holder in due course) holds through one who so acquired
it; or (b) ...