177.04(4)
(4) No sum payable on a travelers check, money order or similar written instrument, other than a 3rd party bank check, described in
subs. (1) and
(2) may be subjected to the custody of this state as unclaimed property unless one of the following exists:
177.04(4)(a)
(a) The records of the issuer show that the travelers check, money order or similar written instrument was purchased in this state.
177.04(4)(b)
(b) The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the travelers check, money order or similar written instrument was purchased.
177.04(4)(c)
(c) The issuer has its principal place of business in this state, the records of the issuer show the state in which the travelers check, money order or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
177.04(5)
(5) Notwithstanding any other provision of this chapter,
sub. (4) applies to sums payable on travelers checks, money orders and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state prior to January 1, 1974.
177.04 History
History: 1983 a. 408.
177.05
177.05
Checks, drafts and similar instruments issued or certified by banking and financial organizations. 177.05(1)(1) Any sum payable on a check, draft or similar instrument, except those subject to
s. 177.04, on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than 5 years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within 5 years, has communicated in writing with the banking or financial organization concerning it or has otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employe of the banking or financial organization.
177.05(2)
(2) A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes those charges and does not regularly reverse or otherwise cancel them.
177.05 History
History: 1983 a. 408.
177.06
177.06
Bank deposits and funds in financial organizations. 177.06(1)(1) Any demand, savings or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate or any other interest in a banking or financial organization is presumed abandoned unless the owner has, within 5 years, done one of the following:
177.06(1)(a)
(a) In the case of a deposit, increased or decreased the amount of the deposit or presented the passbook or other similar evidence of the deposit for the crediting of interest.
177.06(1)(b)
(b) Communicated in writing with the banking or financial organization concerning the property.
177.06(1)(c)
(c) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employe of the banking or financial organization.
177.06(1)(d)
(d) Owned other property to which
par. (a),
(b) or
(c) applies, and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent.
177.06(1)(e)
(e) Had another relationship with the banking or financial organization concerning which the owner has either:
177.06(1)(e)1.
1. Communicated in writing with the banking or financial organization.
177.06(1)(e)2.
2. Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employe of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent.
177.06(1m)(a)(a) On and after December 31, 1984, any correspondence in writing from a banking or financial organization to the owner, such as the mailing of a statement, report of interest paid or credited or other written advice relating to a deposit, means that the owner has indicated an interest in the deposit under
sub. (1), if the correspondence is not returned to the banking or financial organization for nondelivery and if the banking or financial organization maintains a record of all such returned correspondence. If correspondence is returned, the deposit is presumed abandoned unless the owner has, within 5 years after the return, undertaken at least one of the activities specified in
sub. (1) (a) to
(e).
177.06(1m)(b)
(b) This subsection does not apply to a deposit existing on December 31, 1984, until 5 years after that date or until one of the activities specified in
sub. (1) (a) to
(e) has occurred, whichever is earlier.
177.06(2)
(2) For purposes of
sub. (1), property includes interest and dividends.
177.06(3)
(3) With respect to property described in
sub. (1), a holder shall not do any of the following:
177.06(3)(a)
(a) Impose a charge during a period of dormancy or inactivity which exceeds the charge regularly imposed by that holder on that class of account, or cease payment of interest during such a period solely because of dormancy or inactivity.
177.06(3)(b)
(b) Assess a service charge after December 31 of the 2nd calendar year covered in the report filed under
s. 177.17 concerning that property.
177.06(4)
(4) Any property described in
sub. (1) that is automatically renewable is matured for purposes of
sub. (1) upon the expiration of its initial time period, or after one year if the initial period is less than one year, except that in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employe of the organization, the property is matured upon the expiration of the last time period for which consent was given or one year from the date of the last consent, whichever is longer. If, at the time provided for delivery in
s. 177.19, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.
177.06 History
History: 1983 a. 408;
1987 a. 399.
177.07
177.07
Funds owing under life insurance policies. 177.07(1)(1) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than 5 years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in
sub. (3) (b) is presumed abandoned if unclaimed for more than 2 years.
177.07(2)
(2) If a person other than the insured or annuitant is entitled to the funds and no address of the person is known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company.
177.07(3)
(3) For purposes of this chapter, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is deemed matured and the proceeds due and payable under either of the following circumstances:
177.07(3)(a)
(a) The company knows that the insured or annuitant has died.
177.07(3)(b)1.1. The insured has attained, or would have attained if he or she were living, the limiting age under the mortality table on which the reserve is based;
177.07(3)(b)2.
2. The policy was in force at the time the insured attained, or would have attained, the limiting age specified in
subd. 1.; and
177.07(3)(b)3.
3. Neither the insured nor any other person appearing to have an interest in the policy within the preceding 2 years, according to the records of the company, has assigned, readjusted or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employe of the company.
177.07(4)
(4) For purposes of this chapter, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under
sub. (1) if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds thereof before the depletion of the cash surrender value of a policy by the application of those provisions.
177.07(5)
(5) If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last-known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder's correct address to which the notice must be mailed.
177.07(6)
(6) If the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within 4 months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.
177.07(7)
(7) Commencing December 31, 1986, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of this state shall request all of the following information with regard to direct beneficiaries:
177.07(7)(a)
(a) The name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class.
177.07(7)(c)
(c) The relationship of each beneficiary to the insured.
177.07 History
History: 1983 a. 408;
1985 a. 135 s.
85.
177.08
177.08
Deposits held by utilities. A deposit, including any interest thereon, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than one year after termination of the services for which the deposit or advance payment was made is presumed abandoned.
177.08 History
History: 1983 a. 408.
177.09
177.09
Refunds held by business associations. Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than one year after it became payable in accordance with the final determination or order providing for the refund, regardless of whether the final determination or order requires any person entitled to a refund to make a claim for it, is presumed abandoned.
177.09 History
History: 1983 a. 408.
177.10
177.10
Stock and other intangible interest in business associations. 177.10(1)(1) Except as provided in
subs. (2) and
(5), any stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution or other sum payable as a result of the interest has remained unclaimed by the owner for 7 years and the owner has not done either of the following within 7 years:
177.10(1)(a)
(a) Communicated in writing with the association regarding the interest or a dividend, distribution or other sum payable as a result of the interest.
177.10(1)(b)
(b) Otherwise communicated with the association regarding the interest or a dividend, distribution or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employe of the association.
177.10(2)
(2) At the expiration of a 7-year period following the failure of the owner to claim a dividend, distribution or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least 7 dividends, distributions or other sums paid during the period, none of which has been claimed by the owner. If 7 dividends, distributions or other sums are paid during the 7-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution or other sum became due and payable. If 7 dividends, distributions or other sums are not paid during the presumptive period, the period continues to run until there have been 7 dividends, distributions or other sums that have not been claimed by the owner.
177.10(3)
(3) The running of the 7-year period of abandonment ceases immediately upon the occurrence of a communication specified under
sub. (1). If any future dividend, distribution or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution or other sum became due and payable.
177.10(4)
(4) At the time an interest is presumed abandoned under this section, any dividend, distribution or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
177.10(5)
(5) This chapter does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions or other sums payable as a result of the interest unless the records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within 7 years communicated in any manner specified under
sub. (1).
177.10 History
History: 1983 a. 408.
177.11
177.11
Property of business associations held in course of dissolution. Intangible property distributable in the course of the dissolution of a business association which remains unclaimed by the owner for more than one year after the date specified for final distribution is presumed abandoned.
177.11 History
History: 1983 a. 408.
177.12
177.12
Property held by agents and fiduciaries. 177.12(1)(1) Intangible property and any income or increment derived from it held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 5 years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary.
177.12(2)
(2) Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established pursuant to the U.S. internal revenue code are not payable or distributable within the meaning of
sub. (1) unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.
177.12(3)
(3) For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between the holder and the business association provides otherwise.
177.12(4)
(4) For the purposes of this section, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.
177.12 History
History: 1983 a. 408.
177.13
177.13
Property held by courts and public agencies. Except as provided in
ss. 40.08 (8),
800.095 (7m),
852.01 (3),
863.37 (2) and
863.39, intangible property held for the owner by a court, state or other government, governmental subdivision or agency, public corporation or public authority that remains unclaimed by the owner for more than one year after it became payable or distributable is presumed abandoned.
177.13 History
History: 1983 a. 408;
1995 a. 27.
177.14
177.14
Gift certificates and credit memos. 177.14(1)
(1) A gift certificate or a credit memo issued in the ordinary course of the issuer's business that remains unclaimed by the owner for more than 5 years after becoming payable or distributable is presumed abandoned.
177.14(2)
(2) In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser of the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the credit memo.
177.14 History
History: 1983 a. 408.
177.15
177.15
Wages. Unpaid wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holder's business, which remain unclaimed by the owner for more than one year after becoming payable are presumed abandoned.
177.15 History
History: 1983 a. 408.
177.16
177.16
Contents of safe deposit box or other safekeeping repository. All tangible and intangible property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, which remain unclaimed by the owner for more than 5 years after the lease or rental period on the box or other repository has expired, are presumed abandoned.
177.16 History
History: 1983 a. 408.
177.165
177.165
Proceeds from sale of property in self-service storage facility. Notwithstanding
s. 177.02 (1), the proceeds of a sale under
s. 704.90 (6) of personal property stored in a leased facility located within a self-service storage facility after satisfaction of the operator's lien under
s. 704.90 (3) (a) is presumed abandoned.
177.165 History
History: 1987 a. 23.
177.17
177.17
Report of abandoned property. 177.17(1)
(1) A person holding tangible or intangible property presumed abandoned and subject to custody as unclaimed property under this chapter shall report to the administrator concerning the property as provided in this section.
177.17(2)
(2) The report shall be verified and shall include all of the following:
177.17(2)(a)
(a) Except with respect to travelers checks and money orders, the name, if known, and last-known address, if any, of each person appearing from the records of the holder to be the owner of property with a value of $50 or more presumed abandoned under this chapter.
177.17(2)(b)
(b) In the case of unclaimed funds of $50 or more held or owing under any life or endowment insurance policy or annuity contract, the full name and last-known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds.
177.17(2)(c)
(c) In the case of the contents of a safe deposit box or other safekeeping repository or of other tangible property, a description of the property and the place where it is held and may be inspected by the administrator, and any amounts owing to the holder.
177.17(2)(d)
(d) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, but items with a value of less than $50 each may be reported in the aggregate.
177.17(2)(e)
(e) The date the property became payable, demandable or returnable, and the date of the last transaction with the apparent owner with respect to the property.
177.17(2)(f)
(f) Other information the administrator prescribes by rule as necessary for the administration of this chapter.
177.17(3)
(3) If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner or if the holder has changed his or her name while holding the property, the holder shall file with his or her report all known names and addresses of each previous holder of the property.
177.17(4)
(4) Before May 1 of each even-numbered year, each holder shall file a report covering the 2 previous calendar years. On written request by any person required to file a report, the administrator may postpone the reporting date.
