People Ex Rel. Callahan v. Marshall Field & Co.

Marshall Field & Company (Field) appeals from the granting of summary judgment in a declaratory judgment action brought by the Director of the Department of Financial Institutions (Director). On appeal, Field contends that the Illinois Uniform Disposition of Unclaimed Property Act (III. Rev. Stat. 1977, ch. 141, par. 101 et seq.) did not apply in general to unclaimed intangible personal property held by business associations prior to 1975. Field also contends that even if the Act did apply to such property, a failure of certain conditions precedent bars the State from taking custody of the…