AB326: Bill Text

LRB-0892/1

MES:mfd:km

1997 - 1998 LEGISLATURE

1997 Assembly BILL 326

April 28, 1997 - Introduced by Representatives La Fave, Riley and Hasenohrl. Referred to Committee on Government Operations.

AB326,1,2 An Act to amend 59.66 (2) (a) 1., 59.66 (2) (am) and 59.66 (2) (b) of the statutes; relating to: the disposition of unclaimed funds in a public treasury.

Analysis by the Legislative Reference Bureau

Under current law, each city, village, town or county officer and each clerk of court is required to file with the treasurer of his or her county a report giving the names and last-known addresses of all persons for whom the officer or clerk holds money or security that has not been claimed for at least one year. The report must also specify the amount of the money or the nature of the security being held. The treasurer is required to publish a class 3 notice that states the names and last-known addresses of the owners of such money or security. If no claims are made for the money or security within 6 months after the publication of the notice, the money or security is turned over to the county treasurer. After the treasurer has the money or security in his or her possession or control for more than one year, the treasurer must deposit the money or security, to the extent possible, in the county's general revenue fund. If within 10 years of the treasurer's receipt of the money or security the owner proves his or her right to the money or security to the treasurer, the treasurer must pay or deliver the money or security to the owner, even if the money or security has been deposited into the county's general revenue fund. If the owner does not claim the property within 10 years, the money or security becomes the money or security of the county.

Under this bill, if no claims are made for the money or security that is the subject of the class 3 notice that is published by the treasurer within 6 months after the publication of the notice, the money or security that is held by a city, village or town officer is turned over to that officer's municipal treasurer and is not turned over to the county treasurer. Also under the bill, the current law provisions that apply to money or securities that are in the possession or control of a county treasurer apply to money or securities that are in the possession or control of a municipal treasurer

For further information see the local fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB326, s. 1 Section 1. 59.66 (2) (a) 1. of the statutes is amended to read:

AB326,2,17 59.66 (2) (a) 1. On or before January 10 of every odd-numbered year, each officer of a municipality and county, and each clerk of every court of record, shall file with the treasurer of that person's county a written report under oath giving the names and the last-known addresses of all persons for whom any such officer or clerk holds money or security, and which has not been claimed for at least one year, and showing the amount of the money or the nature of the security in detail. A duplicate report shall also be mailed to the department of financial institutions. Upon receiving the reports the treasurer shall cause to be published a class 3 notice, under ch. 985, on or before February 1 of the same year, which contains the names and last-known addresses of the owners of the unclaimed money or security, and shall state that unless the owners call for and prove their ownership of the money or security, within 6 months from the time of the completed publication, the county treasurer will take possession or control of the money or security held by a county officer or a clerk of a circuit court, and the municipal treasurer will take possession or control of the money or security held by a municipal officer or clerk of a municipal court.

AB326, s. 2 Section 2. 59.66 (2) (am) of the statutes is amended to read:

AB326,3,9 59.66 (2) (am) Any money or security of which the county treasurer or a municipal treasurer has taken possession or control under par. (a) 1. and has had in his or her possession or control for more than one year shall, to the extent possible, be deposited by the county treasurer in the county's general revenue fund or by a municipal treasurer in the municipality's general revenue fund. Money or security that is deposited under this paragraph may remain in the county's or municipality's general revenue fund or may be used by the county or municipality until the money or security is paid or delivered to its owner, or becomes the property of the county or municipality, under par. (b).

AB326, s. 3 Section 3. 59.66 (2) (b) of the statutes is amended to read:

AB326,3,19 59.66 (2) (b) If within 10 years from the time any such money or security is delivered to the county treasurer or to a municipal treasurer the owner of the money or security proves to the satisfaction of the county treasurer or a municipal treasurer the owner's right to the possession of the money or security, it shall be paid or delivered to the owner. If no such proof is made, then at the end of the 10-year period the money or property shall become the property of the county or the municipality. Nothing in this subsection shall be construed to deprive the owner of any such property of the owner's right to proceed by court action for the recovery of such money or security from the county treasurer or a municipal treasurer.

AB326,3,20 (End)