SB55-ASA1, s. 1436 21Section 1436. 177.06 (4) of the statutes is amended to read:
SB55-ASA1,974,822 177.06 (4) Any property described in sub. (1) that is automatically renewable
23is matured for purposes of sub. (1) upon the expiration of its initial time period, or
24after one year if the initial period is less than one year, except that in the case of any
25renewal to which the owner consents at or about the time of renewal by

1communicating in writing with the banking or financial organization or otherwise
2indicating consent as evidenced by a memorandum or other record on file prepared
3by an employee of the organization, the property is matured upon the expiration of
4the last time period for which consent was given or one year from the date of the last
5consent, whichever is longer. If, at the time provided for delivery in s. 177.19 177.17
6(4) (a)
, a penalty or forfeiture in the payment of interest would result from the
7delivery of the property, the time for delivery is extended until the time when no
8penalty or forfeiture would result.
SB55-ASA1, s. 1437 9Section 1437. 177.10 (1) (intro.) of the statutes is amended to read:
SB55-ASA1,974,1510 177.10 (1) (intro.) Except as provided in subs. (2) and (5), any stock or other
11intangible ownership interest in a business association, the existence of which is
12evidenced by records available to the association, is presumed abandoned and, with
13respect to the interest, the association is the holder, if a dividend, distribution or
14other sum payable as a result of the interest has remained unclaimed by the owner
15for 7 5 years and the owner has not done either of the following within 7 5 years:
SB55-ASA1, s. 1438 16Section 1438. 177.10 (2) and (3) of the statutes are amended to read:
SB55-ASA1,975,217 177.10 (2) At the expiration of a 7-year 5-year period following the failure of
18the owner to claim a dividend, distribution or other sum payable to the owner as a
19result of the interest, the interest is not presumed abandoned unless there have been
20at least 7 5 dividends, distributions or other sums paid during the period, none of
21which has been claimed by the owner. If 7 5 dividends, distributions or other sums
22are paid during the 7-year 5-year period, the period leading to a presumption of
23abandonment commences on the date on which payment of the first such unclaimed
24dividend, distribution or other sum became due and payable. If 7 5 dividends,
25distributions or other sums are not paid during the presumptive period, the period

1continues to run until there have been 7 5 dividends, distributions or other sums that
2have not been claimed by the owner.
SB55-ASA1,975,8 3(3) The running of the 7-year 5-year period of abandonment ceases
4immediately upon the occurrence of a communication specified under sub. (1). If any
5future dividend, distribution or other sum payable to the owner as a result of the
6interest is subsequently not claimed by the owner, a new period of abandonment
7commences and relates back to the time a subsequent dividend, distribution or other
8sum became due and payable.
SB55-ASA1, s. 1439 9Section 1439. 177.10 (5) of the statutes is amended to read:
SB55-ASA1,975,1510 177.10 (5) This chapter does not apply to any stock or other intangible
11ownership interest enrolled in a plan that provides for the automatic reinvestment
12of dividends, distributions or other sums payable as a result of the interest unless
13the records available to the administrator of the plan show, with respect to any
14intangible ownership interest not enrolled in the reinvestment plan, that the owner
15has not within 7 5 years communicated in any manner specified under sub. (1).
SB55-ASA1, s. 1440 16Section 1440. 177.17 (title) of the statutes is amended to read:
SB55-ASA1,975,18 17177.17 (title) Report Reporting, payment, and delivery of abandoned
18property.
SB55-ASA1, s. 1441 19Section 1441. 177.17 (4) of the statutes is renumbered 177.17 (4) (a) 1. and
20amended to read:
SB55-ASA1,975,2421 177.17 (4) (a) 1. Before May November 1 of each even-numbered year, each
22holder shall file a report covering the 2 previous calendar years year. On written
23request by any person required to file a report, the administrator may postpone the
24reporting date
extend the deadline established in this paragraph.
SB55-ASA1, s. 1442 25Section 1442. 177.17 (4) (a) 2. of the statutes is created to read:
SB55-ASA1,976,6
1177.17 (4) (a) 2. Except as otherwise provided in this subdivision and s. 177.06
2(4), upon filing the report under subd. 1., the holder shall pay or deliver to the
3administrator all abandoned property required to be reported. This subdivision does
4not apply to abandoned property that is in the form of amounts credited under s.
520.912 (1) to the support collections trust fund or amounts not distributable from the
6support collections trust fund to the persons for whom the amounts were awarded.
SB55-ASA1, s. 1443 7Section 1443. 177.18 (title) of the statutes is amended to read:
SB55-ASA1,976,9 8177.18 (title) Notice and publication of lists of abandoned or escheated
9property.
SB55-ASA1, s. 1444 10Section 1444. 177.18 (1) of the statutes is amended to read:
SB55-ASA1,976,2011 177.18 (1) The Before July 1 of each year, the administrator shall publish a
12notice entitled "Notice of names of persons appearing to be owners of abandoned
13property" not later than the September 20 following the report required under s.
14177.17
. Except as provided in sub. (1m), the notice shall include the name of each
15person identified in a report filed under s. 177.17 since the publication of the previous
16notice. The administrator shall publish the notice as a class 1 notice under ch. 985,
17in a newspaper of general circulation in the county in which is located the
18last-known address of the person to be named in the notice. If no address is listed
19or the address is outside this state, the notice shall be published in the county in
20which the holder of the property has its principal place of business within this state.
SB55-ASA1, s. 1445 21Section 1445. 177.18 (2) (intro.) of the statutes is amended to read:
SB55-ASA1,976,2322 177.18 (2) (intro.) The published A notice under sub. (1) shall contain all of the
23following:
SB55-ASA1, s. 1446 24Section 1446. 177.18 (2) (c) of the statutes is repealed.
SB55-ASA1, s. 1447
1Section 1447. 177.18 (2) (d) of the statutes is renumbered 177.18 (2m) and
2amended to read:
SB55-ASA1,977,103 177.18 (2m) For money or other property received under s. 852.01 (3), 863.37
4(2) or 863.39 (1), the a notice shall be published at least annually in the official state
5newspaper and shall include the name of the decedent, the time and place of the
6decedent's death, the amount paid to the administrator, the name of the decedent's
7personal representative, the county in which the estate is probated and a statement
8that the money will be paid to the heirs or legatees without interest, on proof of
9ownership, if claimed within 10 years from the date of publication as provided in s.
10863.39 (3).
SB55-ASA1, s. 1448 11Section 1448. 177.19 (title), (1) and (2) of the statutes are repealed.
SB55-ASA1, s. 1449 12Section 1449. 177.19 (4) of the statutes is renumbered 177.17 (4) (b) and
13amended to read:
SB55-ASA1,977,2314 177.17 (4) (b) The holder of an interest under s. 177.10 shall deliver to the
15administrator, upon filing the report required under this section, a duplicate
16certificate or other evidence of ownership if the holder does not issue certificates of
17ownership. Upon delivery of a duplicate certificate to the administrator, the holder
18and any transfer agent, registrar or other person acting for or on behalf of a holder
19in executing or delivering the duplicate certificate are relieved of all liability, as
20provided under s. 177.20, to any person, including any person acquiring the original
21certificate or the duplicate of the certificate issued to the administrator, for any loss
22or damage caused by the issuance and delivery of the duplicate certificate to the
23administrator.
SB55-ASA1, s. 1450 24Section 1450. 177.22 (1) of the statutes is amended to read:
SB55-ASA1,978,10
1177.22 (1) Except as provided in subs. (2) and (3) (4), the administrator, within
23 years after the receipt of abandoned property, shall sell it to the highest bidder at
3public sale in the city, village or town in this state which, in the judgment of the
4administrator, affords the most favorable market for the property. The
5administrator may decline the highest bid and reoffer the property for sale if, in his
6or her judgment, the bid is insufficient. If the administrator determines that the
7probable cost of sale exceeds the value of the property, it need not be offered for sale.
8Any sale held under this section shall be preceded by the publication of one notice,
9at least 3 weeks in advance of sale, in a newspaper of general circulation in the county
10in which the property is to be sold.
SB55-ASA1, s. 1451 11Section 1451. 177.22 (3) of the statutes is repealed.
SB55-ASA1, s. 1452 12Section 1452. 177.22 (4) of the statutes is amended to read:
SB55-ASA1,979,213 177.22 (4) Unless the administrator determines that it is in the best interest
14of this state to do otherwise, he or she shall hold all securities presumed abandoned
15under s. 177.10, and delivered to the administrator,
for at least 3 years one year
16before selling them. If the administrator sells any securities delivered under s.
17177.10 before the expiration of the 3-year period, any person making a claim under
18this chapter before the end of the 3-year period is entitled either to the proceeds of
19the sale of the securities or to the market value of the securities at the time the claim
20is made, whichever amount is greater, less any deduction for fees under s. 177.23 (2).

21A person making a claim under this chapter after the expiration of the 3-year period
22is entitled to receive either the securities delivered to the administrator by the
23holder, if the administrator still has them, or to the proceeds from their sale, less any
24amounts deducted under s. 177.23 (2).
No person has any claim under this chapter
25against this state, the holder, any transfer agent, registrar or other person acting for

1or on behalf of a holder for any appreciation in the value of the property occurring
2after delivery by the holder to the administrator.
SB55-ASA1, s. 1453 3Section 1453. 177.23 (1) of the statutes is amended to read:
SB55-ASA1,979,144 177.23 (1) Except as provided in sub. (2), the administrator shall deposit in the
5school fund all funds received under this chapter, including the clear proceeds from
6the sale of abandoned property under s. 177.22. Before making the deposit, the
7administrator shall record the name and last-known address of each person
8appearing from the holders' reports to be entitled to the property and the name and
9last-known address of each insured person or annuitant and beneficiary and, with
10respect to each policy or contract listed in the report of an insurance company, its
11number, the name of the company and the amount due. The information recorded
12by the administrator under this subsection is not available for inspection or copying
13under s. 19.35 (1) until 24 months after payment or delivery of the property is due
14under s. 177.19 (1) 177.17 (4) (a).
SB55-ASA1, s. 1454 15Section 1454. 177.24 (1) of the statutes is renumbered 177.24 (1) (a).
SB55-ASA1, s. 1455 16Section 1455. 177.24 (1) (b) of the statutes is created to read:
SB55-ASA1,979,2317 177.24 (1) (b) Any person, except another state, claiming an interest in any
18property that is reported to the administrator under s. 177.17 and that is in the form
19of amounts credited under s. 20.912 (1) to the support collections trust fund or
20amounts not distributable from the support collections trust fund to the persons for
21whom the amounts were awarded may file a claim with the administrator, after
22December 1 following the report, on a form prescribed by the administrator and
23verified by the claimant.
SB55-ASA1, s. 1456 24Section 1456. 177.24 (2) of the statutes is amended to read:
SB55-ASA1,980,10
1177.24 (2) The administrator shall consider each claim within 90 days after it
2is filed and may refer any claim to the attorney general for an opinion. For each claim
3referred, the attorney general shall advise the administrator either to allow it or to
4deny it in whole or in part. The administrator shall give written notice to the
5claimant if the claim is denied in whole or in part. The notice may shall be given by
6mailing it to the last address, if any, stated in the claim as the address to which
7notices are to be sent. If no address for notices is stated in the claim, the notice may
8shall be mailed to the last address, if any, of the claimant as stated in the claim as
9the address of the claimant
. No notice of denial need be given if the claim fails to state
10either the last address to which notices are to be sent or the address of the claimant.
SB55-ASA1, s. 1457 11Section 1457. 177.24 (3) of the statutes is renumbered 177.24 (3) (a) and
12amended to read:
SB55-ASA1,981,213 177.24 (3) (a) If Except as provided in par. (b), if a claim is allowed, the
14administrator shall deliver the property to the claimant or pay the claimant the
15amount the administrator actually received or the net proceeds of the sale of the
16property, together with any additional amount required under s. 177.21. If the claim
17is for property presumed abandoned under s. 177.10 which was sold by the
18administrator within 3 years after the date of delivery, the amount payable for that
19claim is the value of the property at the time the claim was made or the net proceeds
20of sale, whichever is greater.
If the property claimed was interest bearing to the
21owner on the date of surrender by the holder, the administrator shall pay interest at
22a rate of 6% per year or any lesser rate the property earned while in the possession
23of the holder. Interest begins to accrue when the property is delivered to the
24administrator and ceases on the earlier of the expiration of 10 years after delivery

1or the date on which payment is made to the owner. No interest on interest-bearing
2property is payable for any period before December 31, 1984.
SB55-ASA1, s. 1458 3Section 1458. 177.24 (3) (b) of the statutes is created to read:
SB55-ASA1,981,64 177.24 (3) (b) If the administrator allows a claim made under sub. (1) (b), the
5administrator shall pay the claimant the amount reported to the administrator
6under s. 177.17.
SB55-ASA1, s. 1459 7Section 1459. 177.24 (4) of the statutes is amended to read:
SB55-ASA1,981,118 177.24 (4) Any holder who pays the owner for property that has been delivered
9to this state which, if claimed from the administrator, would be subject to sub. (3) (a)
10shall add interest as provided under sub. (3) (a). The added interest shall be repaid
11to the holder by the administrator in the same manner as the principal.
SB55-ASA1, s. 1460 12Section 1460. 177.25 (1m) of the statutes is created to read:
SB55-ASA1,981,1813 177.25 (1m) At any time after December 1 following the reporting, under s.
14177.17, of property that is in the form of amounts credited under s. 20.912 (1) to the
15support collections trust fund or amounts not distributable from the support
16collections trust fund to the persons for whom the amounts were awarded, another
17state may recover the property under any of the circumstances described in sub. (1)
18(a) to (d).
SB55-ASA1, s. 1461 19Section 1461. 177.25 (2) of the statutes is amended to read:
SB55-ASA1,981,2420 177.25 (2) The claim of another state to recover escheated or abandoned
21property shall be presented in a form prescribed by the administrator, who shall
22decide the claim within 90 days after it is presented. The administrator shall allow
23the claim if he or she determines that the other state is entitled to the abandoned
24property under sub. (1) or (1m).
SB55-ASA1, s. 1462 25Section 1462. 177.265 of the statutes is created to read:
SB55-ASA1,982,4
1177.265 Reimbursement for claims and administrative expenses. (1)
2At least quarterly, the department of workforce development shall reimburse the
3administrator, based on information provided by the administrator, for all of the
4following:
SB55-ASA1,982,95 (a) Any claims paid under ss. 177.24 to 177.26, since the last reimbursement
6was made, with respect to abandoned property in the form of amounts credited under
7s. 20.912 (1) to the support collections trust fund and amounts not distributable from
8the support collections trust fund to the persons for whom the amounts were
9awarded.
SB55-ASA1,982,1410 (b) Any administrative expenses specified in s. 177.23 (2) (a) to (e), incurred
11since the last reimbursement was made, with respect to abandoned property in the
12form of amounts credited under s. 20.912 (1) to the support collections trust fund and
13amounts not distributable from the support collections trust fund to the persons for
14whom the amounts were awarded.
SB55-ASA1,982,16 15(2) The administrator shall deposit in the general fund all moneys received
16under sub. (1).
SB55-ASA1, s. 1463 17Section 1463. 177.35 (2) of the statutes is renumbered 177.35 (2) (a) and
18amended to read:
SB55-ASA1,982,2119 177.35 (2) (a) An agreement entered into under this section is not enforceable
20if the agreement is entered into within 24 12 months after payment or delivery of the
21property is due under s. 177.19 (1) 177.17 (4) (a).
SB55-ASA1, s. 1464 22Section 1464. 177.35 (2) (b) of the statutes is created to read:
SB55-ASA1,983,323 177.35 (2) (b) An agreement entered into under this section that relates to
24property that is in the form of amounts credited under s. 20.912 (1) to the support
25collections trust fund or amounts not distributable from the support collections trust

1fund to the persons for whom the amounts were awarded is not enforceable if the
2agreement is entered into within 12 months after December 1 following the reporting
3of the property under s. 177.17.
SB55-ASA1, s. 1465 4Section 1465. 178.48 (2) of the statutes is amended to read:
SB55-ASA1,983,65 178.48 (2) The department shall collect a $10 the fee established under s.
6182.01 (4) (c)
each time process is served on the department under this chapter.
SB55-ASA1, s. 1466 7Section 1466. 178.48 (3) of the statutes is amended to read:
SB55-ASA1,983,118 178.48 (3) In addition to the fees required under sub. (1), the department shall
9collect $25 the fee established under s. 182.01 (4) (d) for processing in an expeditious
10manner a document required or permitted to be filed with the department under this
11chapter.
SB55-ASA1, s. 1467 12Section 1467. 179.16 (4) of the statutes is repealed.
SB55-ASA1, s. 1468 13Section 1468. 179.16 (5) of the statutes is amended to read:
SB55-ASA1,983,1814 179.16 (5) The department shall charge and collect, for processing a document
15required or permitted to be filed under this chapter in an expeditious manner, or
16preparing the information under sub. (4) in an expeditious manner, the expedited
17service
the fee established under s. 182.01 (4) (d) in addition to the fee required by
18other provisions of this chapter.
SB55-ASA1, s. 1469 19Section 1469. 179.88 of the statutes is amended to read:
SB55-ASA1,984,3 20179.88 Substituted service. Service of process on the department under this
21subchapter shall be made by serving of duplicate copies of the process on the
22department, together with a the fee of $10 established under s. 182.01 (4) (c). The
23department shall mail notice of the service and a copy of the process within 10 days
24addressed to the foreign limited partnership at its office in the state of its
25organization. The time within which the foreign limited partnership may answer or

1move to dismiss under s. 802.06 (2) does not start to run until 10 days after the date
2of the mailing. The department shall keep a record of service of process under this
3section showing the day and hour of service and the date of mailing.
SB55-ASA1, s. 1470 4Section 1470. 180.0122 (1) (z) of the statutes is amended to read:
SB55-ASA1,984,65 180.0122 (1) (z) Request for certificate or statement of status, $5 the fee
6established under s. 182.01 (4) (b)
.
SB55-ASA1, s. 1471 7Section 1471. 180.0122 (2) of the statutes is amended to read:
SB55-ASA1,984,118 180.0122 (2) The department shall collect a $10 the fee established under s.
9182.01 (4) (c)
each time process is served on the department under this chapter. The
10party to a civil, criminal, administrative or investigatory proceeding causing service
11of process may recover this fee as costs if the party prevails in the proceeding.
SB55-ASA1, s. 1472 12Section 1472. 180.0122 (4) of the statutes is amended to read:
SB55-ASA1,984,1813 180.0122 (4) In addition to the fees required under sub. (1), the department
14shall collect the expedited service fee established under s. 182.01 (4) (d) for
15processing in an expeditious manner a document required or permitted to be filed
16under this chapter or and shall collect the fee established under s. 182.01 (4) (f) for
17preparing in an expeditious manner a certificate of status under s. 180.0128 (1) to
18(3) or a statement of status under s. 180.0128 (4).
SB55-ASA1, s. 1473 19Section 1473. 181.0122 (1) (zm) of the statutes is amended to read:
SB55-ASA1,984,2220 181.0122 (1) (zm) Request for certificate or statement of status, $5 or, if
21information other than the information provided under s. 181.0128 (2) is requested,
22$10
the fee established under s. 182.01 (4) (b).
SB55-ASA1, s. 1474 23Section 1474. 181.0122 (2) of the statutes is amended to read:
SB55-ASA1,985,324 181.0122 (2) Process fee. The department shall collect a $10 the fee
25established under s. 182.01 (4) (c) each time process is served on the department

1under this chapter. The party to a civil, criminal, administrative or investigatory
2proceeding who is causing service of process may recover this fee as costs if the party
3prevails in the proceeding.
SB55-ASA1, s. 1475 4Section 1475. 181.0122 (4) of the statutes is amended to read:
SB55-ASA1,985,105 181.0122 (4) Expedited service fee. In addition to the fees required under sub.
6(1), the department shall collect the expedited service fee established under s. 182.01
7(4) (d) for processing, in an expeditious manner, a document required or permitted
8to be filed under this chapter or and shall collect the fee established under s. 182.01
9(4) (f)
for preparing, in an expeditious manner, a certificate of status under s.
10181.0128 (2) or a statement of status under s. 181.0128 (4).
SB55-ASA1, s. 1476 11Section 1476. 182.01 (4) of the statutes is repealed and recreated to read:
SB55-ASA1,985,1312 182.01 (4) Preparation of copies, issuance of certificates, and performance
13of services.
The department shall establish by rule the fees for all of the following:
SB55-ASA1,985,1614 (a) Providing electronic access to, or preparing and supplying copies or certified
15copies of, any resolution, deed, bond, record, document, or paper deposited with or
16kept by the department under this section.
SB55-ASA1,985,1817 (b) Issuing certificates or statements, in any form, relating to the results of
18searches of records and files of the department.
SB55-ASA1,985,2019 (c) Processing any service of process, notice, or demand served on the
20department.
SB55-ASA1,985,2221 (d) Processing, in an expeditious manner, a document required or permitted to
22be filed with the department.
SB55-ASA1,985,2523 (e) Providing, in an expeditious manner, electronic access to any resolution,
24deed, bond, record, document, or paper deposited with or kept by the department
25under this section.
SB55-ASA1,986,2
1(f) Preparing, in an expeditious manner, any copies, certified copies,
2certificates, or statements provided under this section.
SB55-ASA1, s. 1477 3Section 1477. 183.0114 (1) (t) of the statutes is amended to read:
SB55-ASA1,986,54 183.0114 (1) (t) Request for certificate or statement of status, $5 the fee
5established under s. 182.01 (4) (b)
.
Loading...
Loading...