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.
177.17(5)
(5) Not more than 120 days before filing the report required by this section, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under this chapter shall send written notice to the apparent owner at his or her last-known address informing him or her that the holder is in possession of property subject to this chapter if all of the following exist:
177.17(5)(a)
(a) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate.
177.17(5)(b)
(b) The claim of the apparent owner is not barred by the statute of limitations.
177.17 History
History: 1983 a. 408;
1987 a. 399.
177.18
177.18
Notice and publication of lists of abandoned property. 177.18(1)(1) The administrator shall publish a notice entitled "Notice of names of persons appearing to be owners of abandoned property" not later than the September 20 following the report required under
s. 177.17. Except as provided in
sub. (1m), the notice shall include the name of each person identified in a report filed under
s. 177.17 since the publication of the previous notice. The administrator shall publish the notice as a class 1 notice under
ch. 985, in a newspaper of general circulation in the county in which is located the last-known address of the person to be named in the notice. If no address is listed or the address is outside this state, the notice shall be published in the county in which the holder of the property has its principal place of business within this state.
177.18(1m)
(1m) If the address of a person to be named in a notice under
sub. (1) is outside this state, and if the administrator has entered into an agreement under
s. 177.33 (1) with the state in which the address is located, the administrator may omit the information specified in
sub. (2) with respect to that person from the notice published under
sub. (1).
177.18(2)
(2) The published notice shall contain all of the following:
177.18(2)(a)
(a) The names in alphabetical order and last-known address, if any, of persons listed in the report and entitled to notice within the county as specified in
sub. (1).
177.18(2)(b)
(b) A statement that information concerning the property and the name and last-known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator.
177.18(2)(c)
(c) A statement that if proof of claim is not presented by the owner to the holder and if the owner's right to receive the property is not established to the holder's satisfaction before November 1, the property will be placed in the custody of the administrator not later than December 1 and that all further claims must thereafter be directed to the administrator.
177.18(2)(d)
(d) For money or other property received under
s. 852.01 (3),
863.37 (2) or
863.39 (1), the notice shall be published in the official state newspaper and shall include the name of the decedent, the time and place of the decedent's death, the amount paid to the administrator, the name of the decedent's personal representative, the county in which the estate is probated and a statement that the money will be paid to the heirs or legatees without interest, on proof of ownership, if claimed within 10 years from the date of publication as provided in
s. 863.39 (3).
177.18(3)
(3) The administrator is not required to publish notice of any item with a value of less than $50 unless the administrator determines the publication to be in the public interest.
177.18(4)
(4) This section does not apply to sums payable on travelers checks, money orders and other written instruments presumed abandoned under
s. 177.04.
177.18 History
History: 1983 a. 408;
1991 a. 39,
299.
177.19
177.19
Payment or delivery of abandoned property. 177.19(1)(1) Except as provided in
sub. (2), a person required to file a report under
s. 177.17 shall, by the December 1 following the filing of the report, pay or deliver to the administrator all abandoned property required to be reported.
177.19(2)
(2) If the owner establishes the right to receive the abandoned property to the satisfaction of the holder before the property has been delivered or if it appears that for some other reason the presumption of abandonment is erroneous, the property will no longer be presumed abandoned. In this case, the holder need not pay or deliver the property to the administrator, but instead shall file with the administrator a verified written explanation of the proof of claim or of the error in the presumption of abandonment.
177.19(4)
(4) The holder of an interest under
s. 177.10 shall deliver to the administrator a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate are relieved of all liability, as provided under
s. 177.20, to any person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any loss or damage caused by the issuance and delivery of the duplicate certificate to the administrator.
177.19 History
History: 1983 a. 408;
1987 a. 399.
177.20
177.20
Custody by state; holder relieved from liability; reimbursement of holder paying claim; reclaiming for owner; defense of holder; payment of safe deposit box or repository charges. 177.20(1)
(1) Upon the payment or delivery of property to the administrator, this state assumes custody and responsibility for the safekeeping of the property. Any person who pays or delivers property to the administrator in good faith is relieved of all liability for any claim which exists or which may arise or be made with respect to the property.
177.20(2)
(2) A holder who has paid money to the administrator under this chapter may make payment to any person who appears to the holder to be entitled to payment. Upon receiving proof of the payment and proof that the payee was entitled to payment, the administrator shall immediately reimburse the holder without imposing a fee or other charge. If reimbursement is sought for a payment made on a negotiable instrument, including a travelers check or money order, the holder shall be reimbursed upon filing proof that the instrument was duly presented and that payment was made to a person who appeared to the holder to be entitled to payment. The holder shall be reimbursed for payment made under this subsection even if the payment was made to a person whose claim was barred under
s. 177.29 (1).
177.20(3)
(3) A holder who has delivered property, including a certificate of any interest in a business association, but not including money, to the administrator under this chapter may reclaim the property if it is still in the possession of the administrator, without payment of a fee or other charge, upon filing proof that the owner has claimed the property from the holder.
177.20(4)
(4) The administrator may accept the holder's affidavit as sufficient proof of the facts that entitle the holder to recover money and property under this section.
177.20(5)
(5) If the holder pays or delivers property to the administrator in good faith and thereafter another person claims the property from the holder or if another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the administrator, upon written notice of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim.
177.20(6)
(6) For the purposes of this section, "good faith" means that all of the following exist:
177.20(6)(a)
(a) Payment or delivery was made in a reasonable attempt to comply with this chapter.
177.20(6)(b)
(b) The person delivering the property was not a fiduciary then in breach of trust with respect to the property and that the person had a reasonable basis for believing, based on the facts then known to that person, that the property was abandoned for the purposes of this chapter.
177.20(6)(c)
(c) There is no showing that the records pursuant to which the delivery was made did not meet reasonable commercial standards of practice in the industry.
177.20(7)
(7) Property removed from a safe deposit box or other safekeeping repository is received by the administrator subject to the holder's right to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges and subject to any 3rd party lien. The administrator shall reimburse the holder from the proceeds remaining after deducting the administrator's selling cost.
177.20 History
History: 1983 a. 408.
177.21
177.21
Crediting of dividends, interest or increments to owner's account. Whenever property other than money is paid or delivered to the administrator under this chapter, the owner is entitled to receive from the administrator any dividends, interest or other increments realized or accruing on the property at or before liquidation or conversion of the property into money.
177.21 History
History: 1983 a. 408.
177.22
177.22
Public sale of abandoned property. 177.22(1)
(1) Except as provided in
subs. (2) and
(3), the administrator, within 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in the city, village or town in this state which, in the judgment of the administrator, affords the most favorable market for the property. The administrator may decline the highest bid and reoffer the property for sale if, in his or her judgment, the bid is insufficient. If the administrator determines that the probable cost of sale exceeds the value of the property, it need not be offered for sale. Any sale held under this section shall be preceded by the publication of one notice, at least 3 weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
177.22(2)
(2) Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.
177.22(3)
(3) Unless the administrator determines that it is in the best interest of this state to do otherwise, he or she shall hold all securities, other than those presumed abandoned under
s. 177.10, for at least one year before selling them.
177.22(4)
(4) Unless the administrator determines that it is in the best interest of this state to do otherwise, he or she shall hold all securities presumed abandoned under
s. 177.10, and delivered to the administrator, for at least 3 years before selling them. If the administrator sells any securities delivered under
s. 177.10 before the expiration of the 3-year period, any person making a claim under this chapter before the end of the 3-year period is entitled either to the proceeds of the sale of the securities or to the market value of the securities at the time the claim is made, whichever amount is greater, less any deduction for fees under
s. 177.23 (2). A person making a claim under this chapter after the expiration of the 3-year period is entitled to receive either the securities delivered to the administrator by the holder, if the administrator still has them, or to the proceeds from their sale, less any amounts deducted under
s. 177.23 (2). No person has any claim under this chapter against this state, the holder, any transfer agent, registrar or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the administrator.
