AB799,7,106
(h) Amount owed by an insurer on a life or endowment insurance policy or an
7annuity that has matured or terminated, 3 years after the obligation to pay arose or,
8in the case of a policy or annuity payable upon proof of death, 3 years after the insured
9has attained, or would have attained if living, the limiting age under the mortality
10table on which the reserve is based.
AB799,7,1211
(i) Property distributable by a business association or financial organization
12in a course of dissolution, one year after the property becomes distributable.
AB799,7,1413
(j) Property received by a court as proceeds of a class action, and not distributed
14pursuant to the judgment, one year after the distribution date.
AB799,7,1715
(k) Except as provided in ss. 40.08 (8), 800.095 (7m), 852.01 (3), 863.27 (2) and
16863.39, property held by a court, government, governmental subdivision, agency or
17instrumentality, one year after the property becomes distributable.
AB799,7,1918
(L) Wages or other compensation for personal services, one year after the
19compensation becomes payable.
AB799,7,2120
(m) Deposit or refund owed to a subscriber by a utility, one year after the deposit
21or refund becomes payable.
AB799,8,322
(n) Property in an individual retirement account, defined benefit plan or other
23account or plan that is qualified for tax deferral under the income tax laws of the
24United States, 3 years after the earliest of the date of the distribution or attempted
25distribution of the property, the date of the required distribution as stated in the plan
1or trust agreement governing the plan, or the date, if determinable by the holder,
2specified in the income tax laws of the United States by which distribution of the
3property must begin in order to avoid a tax penalty.
AB799,8,54
(o) All other property, 5 years after the owner's right to demand the property
5or after the obligation to pay or distribute the property arises, whichever first occurs.
AB799,8,8
6(2) At the time that an interest is presumed abandoned under sub. (1), any
7other property right accrued or accruing to the owner as a result of the interest, and
8not previously presumed abandoned, is also presumed abandoned.
AB799,8,15
9(3) Property is unclaimed if, for the applicable period set forth in sub. (1), the
10apparent owner has not communicated in writing, or by other means reflected in a
11contemporaneous record prepared by or on behalf of the holder, with the holder
12concerning the property or the account in which the property is held, and has not
13otherwise indicated an interest in the property. A communication with an owner by
14a person other than the holder or its representative who has not in writing identified
15the property to the owner is not an indication of interest in the property by the owner.
AB799,8,16
16(4) An indication of an owner's interest in property includes the following:
AB799,8,2117
(a) The presentment of a check or other instrument of payment of a dividend
18or other distribution made with respect to an account or underlying stock or other
19interest in a business association or financial organization or, in the case of a
20distribution made by electronic or similar means, evidence that the distribution has
21been received.
AB799,8,2422
(b) Owner-directed activity in the account in which the property is held,
23including a direction by the owner to increase, decrease or change the amount or type
24of property held in the account.
AB799,8,2525
(c) The making of a deposit to or withdrawal from a bank account.
AB799,9,7
1(d) The payment of a premium with respect to a property interest in an
2insurance policy; but the application of an automatic premium loan provision or
3other nonforfeiture provision contained in an insurance policy does not prevent a
4policy from maturing or terminating if the insured has died or the insured or the
5beneficiary of the policy has otherwise become entitled to the proceeds before the
6depletion of the cash surrender value of a policy by the application of those
7provisions.
AB799,9,10
8(5) Property is payable or distributable for purposes of this chapter
9notwithstanding the owner's failure to make demand or present an instrument or
10document otherwise required to obtain payment.
AB799,9,16
11177.025 Contents of safe deposit box or other safekeeping depository. 12Tangible property held in a safe deposit box or other safekeeping depository in this
13state in the ordinary course of the holder's business and proceeds resulting from the
14sale of the property permitted by other law are presumed abandoned if the property
15remains unclaimed by the owner for more than 5 years after expiration of the lease
16or rental period on the box or other depository.
AB799,9,20
17177.03 Rules for taking custody. Except as otherwise provided in this
18chapter or by other statute of this state, property that is presumed abandoned,
19whether located in this or another state, is subject to the custody of this state if any
20of the following conditions is present:
AB799,9,22
21(1) The last-known address of the apparent owner, as shown on the records of
22the holder, is in this state.
AB799,9,25
23(2) The records of the holder do not reflect the identity of the person entitled
24to the property and it is established that the last-known address of the person
25entitled to the property is in this state.
AB799,10,2
1(3) The records of the holder do not reflect the last-known address of the
2apparent owner and either of the following is established:
AB799,10,43
(a) The last-known address of the person entitled to the property is in this
4state.
AB799,10,85
(b) The holder is domiciled in this state or is a government or governmental
6subdivision, agency or instrumentality of this state and has not previously paid or
7delivered the property to the state of the last-known address of the apparent owner
8or other person entitled to the property.
AB799,10,12
9(4) The last-known address of the apparent owner, as shown on the records of
10the holder, is in a state that does not provide for the escheat or custodial taking of
11the property and the holder is domiciled in this state or is a government or
12governmental subdivision, agency or instrumentality of this state.
AB799,10,15
13(5) The last-known address of the apparent owner, as shown on the records of
14the holder, is in a foreign country and the holder is domiciled in this state or is a
15government or governmental subdivision, agency or instrumentality of this state.
AB799,10,20
16(6) The transaction out of which the property arose occurred in this state, the
17holder is domiciled in a state that does not provide for the escheat or custodial taking
18of the property, and the last-known address of the apparent owner or other person
19entitled to the property is unknown or is in a state that does not provide for the
20escheat or custodial taking of the property.
AB799,10,25
21(7) The property is a traveler's check or money order purchased in this state,
22or the issuer of the traveler's check or money order has its principal place of business
23in this state and the issuer's records show that the instrument was purchased in a
24state that does not provide for the escheat or custodial taking of the property, or do
25not show the state in which the instrument was purchased.
AB799,11,7
1177.09 Dormancy charge. A holder may deduct from property presumed
2abandoned a charge imposed by reason of the owner's failure to claim the property
3within a specified time only if there is a valid and enforceable written contract
4between the holder and the owner under which the holder may impose the charge
5and the holder regularly imposes the charge, which is not regularly reversed or
6otherwise canceled. The amount of the deduction is limited to an amount that is not
7unconscionable.
AB799,11,15
8177.11 Burden of proof as to property evidenced by record of check or
9draft. A record of the issuance of a check, draft or similar instrument is prima facie
10evidence of an obligation. In claiming property from a holder who is also the issuer,
11the administrator's burden of proof as to the existence and amount of the property
12and its abandonment is satisfied by showing issuance of the instrument and passage
13of the requisite period of abandonment. Defenses of payment, satisfaction, discharge
14and want of consideration are affirmative defenses that must be established by the
15holder.
AB799,11,19
16177.165 Proceeds from sale of property in self-service storage facility. 17Notwithstanding s. 177.02 (1), the proceeds of a sale under s. 704.90 (6) of personal
18property stored in a leased facility located within a self-service storage facility after
19satisfaction of the operator's lien under s. 704.90 (3) (a) is presumed abandoned.
AB799,11,21
20177.17 Report of abandoned property. (1) A holder of property presumed
21abandoned shall make a report to the administrator concerning the property.
AB799,11,22
22(2) The report must be verified and must contain all of the following:
AB799,11,2323
(a) A description of the property.
AB799,12,224
(b) Except with respect to a traveler's check or money order, the name, if known,
25and last-known address, if any, and the social security number or taxpayer
1identification number, if readily ascertainable, of the apparent owner of property of
2the value of $50 or more.
AB799,12,33
(c) An aggregated amount of items valued under $50 each.
AB799,12,64
(d) In the case of an amount of $50 or more held or owing under an annuity or
5a life or endowment insurance policy, the full name and last-known address of the
6annuitant or insured and of the beneficiary.
AB799,12,97
(e) In the case of property held in a safe deposit box or other safekeeping
8depository, an indication of the place where it is held and where it may be inspected
9by the administrator, and any amounts owing to the holder.
AB799,12,1210
(f) The date, if any, on which the property became payable, demandable or
11returnable, and the date of the last transaction with the apparent owner with respect
12to the property.
AB799,12,1413
(g) Other information that the administrator by rule prescribes as necessary
14for the administration of this chapter.
AB799,12,19
15(3) If a holder of property presumed abandoned is a successor to another person
16who previously held the property for the apparent owner or the holder has changed
17its name while holding the property, the holder shall file with the report its former
18names, if any, and the known names and addresses of all previous holders of the
19property.
AB799,12,22
20(4) The report must be filed before November 1 of each year and cover the 12
21months next preceding July 1 of that year, but a report with respect to a life insurance
22company must be filed before May 1 of each year for the calendar year next preceding.
AB799,13,2
23(5) The holder of property presumed abandoned shall send written notice to the
24apparent owner, not more than 120 days or less than 60 days before filing the report,
1stating that the holder is in possession of property subject to this chapter, if all of the
2following exist:
AB799,13,43
(a) The holder has in its records an address for the apparent owner that the
4holder's records do not disclose to be inaccurate.
AB799,13,55
(b) The claim of the apparent owner is not barred by a statute of limitations.
AB799,13,66
(c) The value of the property is $50 or more.
AB799,13,12
7(6) Before the date for filing the report, the holder of property presumed
8abandoned may request the administrator to extend the time for filing the report.
9The administrator may grant the extension for good cause. The holder, upon receipt
10of the extension, may make an interim payment on the amount the holder estimates
11will ultimately be due, which terminates the accrual of additional interest on the
12amount paid.
AB799,13,14
13(7) The holder of property presumed abandoned shall file with the report an
14affidavit stating that the holder has complied with sub. (5).
AB799,13,18
15177.18 Notice and publication of lists of abandoned property. (1) The
16administrator shall publish a notice not later than November 30 of the year next
17following the year in which abandoned property has been paid or delivered to the
18administrator.
AB799,14,2
19(1d) Except as provided in sub. (1m), the notice must be published as a class
201 notice under ch. 985 in a newspaper of general circulation in the county of this state
21in which is located the last-known address of any person named in the notice. If a
22holder does not report an address for the apparent owner, or the address is outside
23this state, the notice must be published in the county in which the holder has its
24principal place of business within this state or another county that the administrator
25reasonably selects. The advertisement must be in a form that, in the judgment of the
1administrator, is likely to attract the attention of the apparent owner of the
2unclaimed property. The form must contain all of the following:
AB799,14,43
(a) The name of each person appearing to be the owner of the property, as set
4forth in the report filed by the holder.
AB799,14,75
(b) The last-known address or location of each person appearing to be the
6owner of the property, if an address or location is set forth in the report filed by the
7holder.
AB799,14,98
(c) A statement explaining that property of the owner is presumed to be
9abandoned and has been taken into the protective custody of the administrator.
AB799,14,1210
(d) A statement that information about the property and its return to the owner
11is available to a person having a legal or beneficial interest in the property, upon
12request to the administrator.
AB799,14,19
13(1m) For money or other property received under s. 852.01 (3), 863.37 (2) or
14863.39 (1), the notice shall be published in the official state newspaper and shall
15include the name of the decedent, the time and place of the decedent's death, the
16amount paid to the administrator, the name of the decedent's personal
17representative, the county in which the estate is probated and a statement that the
18money will be paid to the heirs or legatees without interest, on proof of ownership,
19if claimed within 10 years from the date of publication as provided in s. 863.39 (3).
AB799,14,22
20(2) The administrator is not required to advertise the name and address or
21location of an owner of property having a total value less than $50, or information
22concerning a traveler's check, money order or similar instrument.
AB799,15,7
23177.19 Payment or delivery of abandoned property. (1) Except for
24property held in a safe deposit box or other safekeeping depository, upon filing the
25report required by s. 177.17, the holder of property presumed abandoned shall pay,
1deliver or cause to be paid or delivered to the administrator the property described
2in the report as unclaimed, but if the property is an automatically renewable deposit,
3and a penalty or forfeiture in the payment of interest would result, the time for
4compliance is extended until a penalty or forfeiture would no longer result. Tangible
5property held in a safe deposit box or other safekeeping depository may not be
6delivered to the administrator until 120 days after filing the report required by s.
7177.17.
AB799,15,13
8(2) If the property reported to the administrator is a security or security
9entitlement under ch. 408, the administrator is an appropriate person to make an
10endorsement, instruction or entitlement order on behalf of the apparent owner to
11invoke the duty of the issuer or its transfer agent or the securities intermediary to
12transfer or dispose of the security or the security entitlement in accordance with ch.
13408.
AB799,15,16
14(3) If the holder of property reported to the administrator is the issuer of a
15certificated security, the administrator has the right to obtain a replacement
16certificate pursuant to s. 408.405, but an indemnity bond is not required.
AB799,15,20
17(4) An issuer, the holder and any transfer agent or other person acting
18pursuant to the instructions of and on behalf of the issuer or holder in accordance
19with this
section is not liable to the apparent owner and must be indemnified against
20claims of any person in accordance with s. 177.20.
AB799,15,22
21177.20 Custody by state; recovery by holder; defense of holder. (1) In
22this
section, payment or delivery is made in "good faith" if all of the following exist:
AB799,15,2423
(a) Payment or delivery was made in a reasonable attempt to comply with this
24chapter.
AB799,16,3
1(b) The holder was not then in breach of a fiduciary obligation with respect to
2the property and had a reasonable basis for believing, based on the facts then known,
3that the property was presumed abandoned.
AB799,16,54
(c) There is no showing that the records under which the payment or delivery
5was made did not meet reasonable commercial standards of practice.
AB799,16,9
6(2) Upon payment or delivery of property to the administrator, the state
7assumes custody and responsibility for the safekeeping of the property. A holder who
8pays or delivers property to the administrator in good faith is relieved of all liability
9arising thereafter with respect to the property.
AB799,16,20
10(3) A holder who has paid money to the administrator pursuant to this chapter
11may subsequently make payment to a person reasonably appearing to the holder to
12be entitled to payment. Upon a filing by the holder of proof of payment and proof that
13the payee was entitled to the payment, the administrator shall promptly reimburse
14the holder for the payment without imposing a fee or other charge. If reimbursement
15is sought for a payment made on a negotiable instrument, including a traveler's
16check or money order, the holder must be reimbursed upon filing proof that the
17instrument was duly presented and that payment was made to a person who
18reasonably appeared to be entitled to payment. The holder must be reimbursed for
19payment made even if the payment was made to a person whose claim was barred
20under s. 177.29 (1).
AB799,16,24
21(4) A holder who has delivered property other than money to the administrator
22pursuant to this chapter may reclaim the property if it is still in the possession of the
23administrator, without paying any fee or other charge, upon filing proof that the
24apparent owner has claimed the property from the holder.
AB799,17,2
1(5) The administrator may accept a holder's affidavit as sufficient proof of the
2holder's right to recover money and property under this
section.
AB799,17,8
3(6) If a holder pays or delivers property to the administrator in good faith and
4thereafter another person claims the property from the holder or another state
5claims the money or property under its laws relating to escheat or abandoned or
6unclaimed property, the administrator, upon written notice of the claim, shall defend
7the holder against the claim and indemnify the holder against any liability on the
8claim resulting from payment or delivery of the property to the administrator.
AB799,17,14
9(7) Property removed from a safe deposit box or other safekeeping depository
10is received by the administrator subject to the holder's right to be reimbursed for the
11cost of the opening and to any valid lien or contract providing for the holder to be
12reimbursed for unpaid rent or storage charges. The administrator shall reimburse
13the holder out of the proceeds remaining after deducting the expense incurred by the
14administrator in selling the property.
AB799,18,2
15177.21 Crediting of dividends, interest and increments to owner's
16account. If property other than money is delivered to the administrator under this
17chapter, the owner is entitled to receive from the administrator any income or gain
18realized or accruing on the property at or before liquidation or conversion of the
19property into money. If the property was an interest-bearing demand, savings or
20time deposit, including a deposit that is automatically renewable, the administrator
21shall pay interest at a rate of 18% a year or any lesser rate the property earned while
22in the possession of the holder. Interest begins to accrue when the property is
23delivered to the administrator and ceases on the earlier of the expiration of 10 years
24after delivery or the date on which payment is made to the owner. Interest on
1interest-bearing property is not payable for any period before the effective date of
2this section .... [revisor inserts date], unless authorized by ch. 177, 1997 stats.
AB799,18,13
3177.22 Public sale of abandoned property. (1) Except as otherwise
4provided in this
section, the administrator, within 3 years after the receipt of
5abandoned property, shall sell it to the highest bidder at public sale at a location in
6the state that in the judgment of the administrator affords the most favorable market
7for the property. The administrator may decline the highest bid and reoffer the
8property for sale if the administrator considers the bid to be insufficient. The
9administrator need not offer the property for sale if the administrator considers that
10the probable cost of sale will exceed the proceeds of the sale. A sale held under this
11section must be preceded by a class 1 notice under ch. 985, at least 3 weeks before
12sale, in a newspaper of general circulation in the county in which the property is to
13be sold.
AB799,19,4
14(2) Securities listed on an established stock exchange must be sold at prices
15prevailing on the exchange at the time of sale. Other securities may be sold over the
16counter at prices prevailing at the time of sale or by any reasonable method selected
17by the administrator. If securities are sold by the administrator before the expiration
18of 3 years after their delivery to the administrator, a person making a claim under
19this chapter before the end of the 3-year period is entitled to the proceeds of the sale
20of the securities or the market value of the securities at the time the claim is made,
21whichever is greater, plus dividends, interest and other increments thereon up to the
22time the claim is made, less any deduction for expenses of sale. A person making a
23claim under this chapter after the expiration of the 3-year period is entitled to
24receive the securities delivered to the administrator by the holder, if they still remain
1in the custody of the administrator, or the net proceeds received from sale, and is not
2entitled to receive any appreciation in the value of the property occurring after
3delivery to the administrator, except in a case of intentional misconduct or
4malfeasance by the administrator.
AB799,19,8
5(3) A purchaser of property at a sale conducted by the administrator pursuant
6to this chapter takes the property free of all claims of the owner or previous holder
7and of all persons claiming through or under them. The administrator shall execute
8all documents necessary to complete the transfer of ownership.
AB799,19,16
9177.23 Deposit of funds. (1) Except as otherwise provided by sub. (2), the
10administrator shall promptly deposit in the school fund all funds received under this
11chapter, including the clear proceeds from the sale of abandoned property under s.
12177.33. The administrator shall record the name and last-known address of each
13person appearing from the holders' reports to be entitled to the property and the
14name and last-known address of each insured person or annuitant and beneficiary
15and with respect to each policy or annuity listed in the report of an insurance
16company, its number, the name of the company and the amount due.
AB799,19,18
17(2) The administrator shall deposit in the general fund an amount equal to all
18of the following:
AB799,19,1919
(a) Expenses of sale of abandoned property.
AB799,19,2020
(b) Costs of mailing and publication in connection with abandoned property.
AB799,19,2121
(c) Reasonable service charges.
AB799,19,2322
(d) Expenses incurred in examining records of holders of property and in
23collecting the property from those holders.
AB799,19,2524
(e) Salaries of the employes of the administrator that are attributable to the
25administration of this chapter.
AB799,20,4
1177.24 Filing of claim with administrator; handling of claims by
2administrator. (1) A person, excluding another state, claiming property paid or
3delivered to the administrator may file a claim on a form prescribed by the
4administrator and verified by the claimant.
AB799,20,10
5(2) Within 90 days after a claim is filed, the administrator shall allow or deny
6the claim and give written notice of the decision to the claimant. If the claim is
7denied, the administrator shall inform the claimant of the reasons for the denial and
8specify what additional evidence is required before the claim will be allowed. The
9claimant may then file a new claim with the administrator or maintain an action
10under s. 177.26.
AB799,20,14
11(3) Within 30 days after a claim is allowed, the property or the net proceeds of
12a sale of the property must be delivered or paid by the administrator to the claimant,
13together with any dividend, interest or other increment to which the claimant is
14entitled under ss. 177.21 and 177.22.
AB799,20,18
15(4) A holder who pays the owner for property that has been delivered to this
16state and that, if claimed from the administrator by the owner, would be subject to
17an increment under ss. 177.21 and 177.22 may recover from the administrator the
18amount of the increment.
AB799,20,21
19177.25 Claim of another state to recover property. (1) After property has
20been paid or delivered to the administrator under this chapter, another state may
21recover the property if any of the following circumstances occur:
AB799,21,222
(a) The property was paid or delivered to the custody of this state because the
23records of the holder did not reflect a last-known location of the apparent owner
24within the borders of the other state and the other state establishes that the apparent
25owner or other person entitled to the property was last known to be located within
1the borders of that state and under the laws of that state the property has escheated
2or become subject to a claim of abandonment by that state.
AB799,21,63
(b) The property was paid or delivered to the custody of this state because the
4laws of the other state did not provide for the escheat or custodial taking of the
5property and, under the laws of that state subsequently enacted, the property has
6escheated or become subject to a claim of abandonment by that state.
AB799,21,107
(c) The records of the holder were erroneous in that they did not accurately
8identify the owner of the property and the last-known location of the owner within
9the borders of another state and under the laws of that state the property has
10escheated or become subject to a claim of abandonment by that state.
AB799,21,1311
(d) The property was subjected to custody by this state under s. 177.03 (6) and
12under the laws of the state of domicile of the holder the property has escheated or
13become subject to a claim of abandonment by that state.