Amendment SA1-SB424

LRBa2286/2

RPN:kjf:rs

2005 - 2006 LEGISLATURE

SENATE AMENDMENT 1, TO 2005 SENATE BILL 424

February 27, 2006 - Offered by Senator Grothman.

SB424-SA1,1,1 At the locations indicated, amend the bill as follows:

SB424-SA1,1,2 1. Page 2, line 1: before that line insert:

SB424-SA1,1,3 " Section 1g. 177.10 of the statutes is repealed and recreated to read:

SB424-SA1,1,6 177.10 Stock and other intangible interest in a business association. (1) Stock or other equity interest in a business association is presumed unclaimed 3 years after the earliest of the following:

SB424-SA1,1,8 (a) The date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner.

SB424-SA1,1,10 (b) The date a statement of account or other notification or communication was returned as undeliverable.

SB424-SA1,2,2 (2) Subsection (1) applies to both the underlying stock, share, or other intangible ownership interest of an owner, and to the stock, share, or other intangible ownership interest in dividend and nondividend paying business associations whether or not the interest is represented by a certificate.

SB424-SA1,2,5 (3) Except as provided in s. 177.13, unmatured or unredeemed debt, other than a bearer bond or an original issue discount bond, is presumed unclaimed 3 years after the date of the earliest interest payment unclaimed by the owner.

SB424-SA1,2,7 (4) Except as provided in s. 177.13, matured or redeemed debt is presumed unclaimed 3 years after the date of maturity or redemption.

SB424-SA1,2,10 (5) At the time property is presumed unclaimed under sub. (1) or (2), any other property right accrued or accruing to the owner as a result of the property interest and not previously presumed unclaimed is also presumed unclaimed.

SB424-SA1,2,16 (6) A 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 shall not be presumed to be abandoned if the holder has sent a statement or other business communication concerning the property to the owner by 1st class mail and the statement or other business communication has not been returned for inability to make delivery to the addressee.

SB424-SA1,2,22 (7) Any dividend, profit, distribution, interest, redemption, payment on principal, or other sum held or owning by a business association for or to its shareholder, certificate holder, member, bondholder, or other security holder, who has not claimed it, or corresponded in writing with the business association concerning it, within 3 years after the date prescribed for payment or delivery, is presumed unclaimed.

SB424-SA1,2,24 (8) The running of any 3-year period under this section ceases if the person does any of the following:

SB424-SA1,3,2 (a) Communicates in writing with the association or its agent regarding the interest or a dividend, distribution, or other sum payable as a result of the interest.

SB424-SA1,3,5 (b) Otherwise communicates 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 or its agent.

SB424-SA1,3,10 (c) Presents an instrument issued to pay interest or a dividend or other cash distribution. 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 in which the property is presumed unclaimed commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.".

SB424-SA1,3,11 2. Page 2, line 1: delete " Section 1" and substitute "Section 1m".

SB424-SA1,3,12 (End)