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.
177.22(5)
(5) The purchaser of property at any sale conducted by the administrator under this chapter takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership.
177.22 History
History: 1983 a. 408;
1993 a. 246.
177.23
177.23
Deposit of funds. 177.23(1)(1) Except as provided in
sub. (2), the administrator shall deposit in the school fund all funds received under this chapter, including the clear proceeds from the sale of abandoned property under
s. 177.22. Before making the deposit, the administrator shall record the name and last-known address of each person appearing from the holders' reports to be entitled to the property and the name and last-known address of each insured person or annuitant and beneficiary and, with respect to each policy or contract listed in the report of an insurance company, its number, the name of the company and the amount due. The information recorded by the administrator under this subsection is not available for inspection or copying under
s. 19.35 (1) until 24 months after payment or delivery of the property is due under
s. 177.19 (1).
177.23(2)
(2) The administrator shall deposit in the general fund an amount necessary for the payment of claims under
ss. 177.24 to
177.26 and administrative expenses. Administrative expenses consist of any of the following:
177.23(2)(a)
(a) Any costs in connection with the sale of abandoned property.
177.23(2)(b)
(b) Costs of mailing and publication in connection with any abandoned property.
177.23(2)(d)
(d) Costs incurred in examining records of holders of property and in collecting the property from those holders.
177.23(2)(e)
(e) Salaries of the employes of the treasurer that are attributable to the administration of this chapter.
177.23 History
History: 1983 a. 408;
1987 a. 399.
177.24
177.24
Filing of claim with administrator. 177.24(1)
(1) Any person, except another state, claiming an interest in any property paid or delivered under this chapter may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant.
177.24(2)
(2) The administrator shall consider each claim within 90 days after it is filed and may refer any claim to the attorney general for an opinion. For each claim referred, the attorney general shall advise the administrator either to allow it or to deny it in whole or in part. The administrator shall give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
177.24(3)
(3) If a claim is allowed, the administrator shall deliver the property to the claimant or pay the claimant the amount the administrator actually received or the net proceeds of the sale of the property, together with any additional amount required under
s. 177.21. If the claim is for property presumed abandoned under
s. 177.10 which was sold by the administrator within 3 years after the date of delivery, the amount payable for that claim is the value of the property at the time the claim was made or the net proceeds of sale, whichever is greater. If the property claimed was interest bearing to the owner on the date of surrender by the holder, the administrator shall pay interest at a rate of 6% per year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of 10 years after delivery or the date on which payment is made to the owner. No interest on interest-bearing property is payable for any period before December 31, 1984.
177.24(4)
(4) Any holder who pays the owner for property that has been delivered to this state which, if claimed from the administrator, would be subject to
sub. (3) shall add interest as provided under
sub. (3). The added interest shall be repaid to the holder by the administrator in the same manner as the principal.
177.24 History
History: 1983 a. 408.
177.25
177.25
Claim of another state to recover property; procedure. 177.25(1)(1) At any time after property has been paid or delivered to the administrator under this chapter, another state may recover the property under any of the following circumstances:
177.25(1)(a)
(a) The property was subjected to custody by this state because the records of the holder did not reflect the last-known address of the apparent owner when the property was presumed abandoned under this chapter, and the other state establishes that the last-known address of the apparent owner or other person entitled to the property was in that state and that, under the laws of that state, the property escheated to or was subject to a claim of abandonment by that state.
177.25(1)(b)
(b) The last-known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of that state the property has escheated to or become subject to a claim of abandonment by that state.
177.25(1)(c)
(c) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last-known address of the actual owner is in the other state and, under the laws of that state, the property escheated to or was subject to a claim of abandonment by that state.
177.25(1)(d)
(d) The property was subjected to custody by this state under
s. 177.03 (6) and, under the laws of the state of domicile of the holder, the property has escheated to or become subject to a claim of abandonment by that state.
177.25(1)(e)
(e) The property is the sum payable on a travelers check, money order or other similar instrument that was subjected to custody by this state under
s. 177.04, the instrument was purchased in the other state and, under the laws of that state, the property escheated to or became subject to a claim of abandonment by that state.
177.25(2)
(2) The claim of another state to recover escheated or abandoned property shall be presented in a form prescribed by the administrator, who shall decide the claim within 90 days after it is presented. The administrator shall allow the claim if he or she determines that the other state is entitled to the abandoned property under
sub. (1).
177.25(3)
(3) The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employes against any liability on a claim for the property.
177.25 History
History: 1983 a. 408.
177.26
177.26
Action to establish claim. A person aggrieved by a decision of the administrator or whose claim has not been acted upon within 90 days after its filing may bring an action to establish the claim in the circuit court, naming the administrator as a defendant. The action shall be brought within 90 days after the decision of the administrator or within 180 days after the filing of the claim if the administrator has failed to act on it. If the person establishes the claim in an action against the administrator, the court shall award the person costs and reasonable attorney fees.
177.26 History
History: 1983 a. 408.
177.27
177.27
Election to take payment or delivery. 177.27(1)
(1) The administrator may decline to receive any property reported under this chapter if the administrator considers the property to have a value that is less than the anticipated expense of notice and sale. If the administrator elects not to receive custody of the property, the holder shall be notified within 120 days after filing the report required under
s. 177.17.
177.27(2)
(2) A holder may report and deliver property before the property is presumed abandoned with the written consent of the administrator and upon the conditions and terms prescribed by the administrator. Property delivered under this subsection shall be held by the administrator and is not presumed abandoned until the time it would be presumed abandoned under this chapter.
177.27 History
History: 1983 a. 408.
177.28
177.28
Destruction or disposition of property having insubstantial commercial value; immunity from liability. If the administrator determines after investigation that any property delivered under this chapter has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against this state or any of its officers or against the holder for or on account of any action taken by the administrator under this section.
177.28 History
History: 1983 a. 408.
177.29
177.29
Periods of limitation. 177.29(1)
(1) The expiration, before, on or after December 31, 1984, of any period of time specified by contract, statute or court order, during which an owner may make a claim for money or property or during which an owner may commence or enforce an action or proceeding to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this chapter, subject to
sub. (2).
177.29(2)(a)(a) Except as provided in
par. (b), no civil action or proceeding with respect to any duty of a holder under this chapter may be commenced more than 5 years after the duty arose.
177.29(2)(b)
(b) The expiration of any period of time during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property may not serve as a defense to an action or proceeding brought by or on behalf of the administrator against a governmental entity, or an officer or employe thereof, for the payment or delivery of abandoned property to the administrator or for the enforcement of a penalty.
177.29 History
History: 1983 a. 408;
1991 a. 299.
177.30
177.30
Requests for reports and examination of records. 177.30(2)(2) The administrator, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with this chapter. The administrator may designate the division of banking or other appropriate regulatory authority to examine the records of regulated institutions to determine if the institutions have complied with this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter.
177.30(3)
(3) If a person is treated under
s. 177.12 as the holder of the property only insofar as the interest of the business association in the property is concerned, the administrator may examine the records of the person as provided under
sub. (2) if the administrator has given the required notice to both the person and the business association at least 90 days before the examination.
177.30(4)
(4) If an examination of the records of a person results in the disclosure of property reportable and deliverable under this chapter, the administrator may assess the cost of the examination against the holder at the rate of $150 a day for each examiner, but the charges may not exceed the value of the property found to be reportable and deliverable. The cost of examination under
sub. (3) may be imposed only against the business association.
177.30(5)
(5) If a holder, after December 31, 1984, fails to maintain the records required under
s. 177.31, and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, a court may determine the liability of such holder based on the court's findings as to a reasonable estimate of the amount due.
