177.01
177.01
Definitions. In this chapter:
177.01(1)
(1) "Administrator" means the state treasurer.
177.01(2)
(2) "Apparent owner" means the person whose name appears on the records of the holder as the person entitled to property held, issued or owing by the holder.
177.01(3)
(3) "Attorney general" means the chief legal officer of a state.
177.01(4)
(4) "Banking organization" means a bank, trust company, industrial bank, land bank, safe deposit company, private banker or any organization defined by other law as a bank or banking organization.
177.01(5)
(5) "Business association" means a nonpublic corporation, joint stock company, investment company, business trust, partnership, limited liability company or association for business purposes, whether or not for profit, including a banking organization, financial organization, insurance company or utility.
177.01(6)
(6) "Domicile" means the state of incorporation of a corporation, the state of organization of a limited liability company and the state of the principal place of business of an unincorporated person.
177.01(7)
(7) "Financial organization" means a savings and loan association, savings bank, cooperative bank, building and loan association or credit union.
177.01(8)
(8) "Holder" means a person, wherever organized or domiciled, who is any of the following:
177.01(8)(a)
(a) In possession of property belonging to another.
177.01(9)
(9) "Insurance company" means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including, but not limited to, accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life including endowments and annuities, malpractice, marine, mortgage, surety and wage protection insurance.
177.01(10)(a)1.
1. Moneys, checks, drafts, deposits, interest, dividends and income.
177.01(10)(a)2.
2. Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets and unidentified remittances.
177.01(10)(a)3.
3. Stocks and other intangible ownership interests in business associations.
177.01(10)(a)4.
4. Moneys deposited to redeem stocks, bonds, coupons and other securities, or to make distributions.
177.01(10)(a)5.
5. Amounts due and payable under the terms of insurance policies.
177.01(10)(a)6.
6. Amounts distributable from a trust or custodial fund established under a plan to provide any health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance or similar benefits.
177.01(10)(b)
(b) "Intangible property" does not include a credit balance issued to a commercial customer account by a business association in the ordinary course of business, unless the credit balance is property described in
s. 177.06 (1) or
(2) held by a banking organization or financial organization.
177.01(11)
(11) "Last-known address" means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail.
177.01(12)
(12) "Owner" means a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, a creditor, claimant or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative.
177.01(13)
(13) "Person" means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, 2 or more persons having a joint or common interest, or any other legal or commercial entity.
177.01(14)
(14) "State" means any state, district, commonwealth, territory, insular possession and any other area subject to the legislative authority of the United States.
177.01(15)
(15) "Utility" means a person who owns or operates for public use any plant, equipment, property, franchise or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas.
177.01 Annotation
Uncashed worker's compensation benefits checks in uncontested cases are "intangible property" subject to reporting and delivery under this chapter. The applicable of statute of limitations is discussed. Employers Ins. of Wausau v. Smith,
154 Wis. 2d 199,
453 N.W.2d 856 (1990).
177.015
177.015
Exemption. Notwithstanding this chapter, a cooperative organized under
ch. 185 may effect the forfeiture to the cooperative of unclaimed funds as provided in
ss. 185.03 (10) and
185.75 (1).
177.015 History
History: 1985 a. 30,
332.
177.02
177.02
Property presumed abandoned; general rule. 177.02(1)(1) Except as otherwise provided in this chapter, all intangible property, including any income or increment derived from it, less any lawful charges, that is held, issued or owing in the ordinary course of a holder's business and that has remained unclaimed by the owner for more than 5 years after it became payable or distributable is presumed abandoned.
177.02(2)
(2) Property is payable or distributable for the purpose of this chapter notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.
177.02 History
History: 1983 a. 408.
177.03
177.03
General rules for taking custody of intangible unclaimed property. Unless otherwise provided in this chapter or by another section of the statutes, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under
ss. 177.02 and
177.05 to
177.165 are satisfied, and one of the following conditions is present:
177.03(1)
(1) The last-known address, as shown on the records of the holder, of the apparent owner is in this state.
177.03(2)
(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last-known address of the person entitled to the property is in this state.
177.03(3)(a)(a) The records of the holder do not reflect the last-known address of the apparent owner; and
177.03(3)(b)1.
1. The last-known address of the person entitled to the property is in this state.
177.03(3)(b)2.
2. The holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last-known address of the apparent owner or other person entitled to the property.
177.03(4)
(4) The last-known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or governmental subdivision or agency of this state.
177.03(5)
(5) The last-known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state.
177.03(6)(a)(a) The transaction out of which the property arose occurred in this state;
177.03(6)(b)1.
1. The last-known address of the apparent owner or other person entitled to the property is unknown.
177.03(6)(b)2.
2. The last-known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property; and
177.03(6)(c)
(c) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
177.03 History
History: 1983 a. 408;
1987 a. 23.
177.04
177.04
Travelers checks and money orders. 177.04(1)
(1) Subject to
sub. (4), any sum payable on a travelers check that has been outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within 15 years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
177.04(2)
(2) Subject to
sub. (4), any sum payable on a money order or similar written instrument, other than a 3rd party bank check, that has been outstanding for more than 7 years after its issuance is presumed abandoned unless the owner, within 7 years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
177.04(3)
(3) A holder may not deduct from the amount of any travelers check, money order or similar written instrument any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the property pursuant to which the issuer may impose a charge and the issuer regularly imposes those charges and does not regularly reverse or otherwise cancel them.
177.04(4)
(4) No sum payable on a travelers check, money order or similar written instrument, other than a 3rd party bank check, described in
subs. (1) and
(2) may be subjected to the custody of this state as unclaimed property unless one of the following exists:
177.04(4)(a)
(a) The records of the issuer show that the travelers check, money order or similar written instrument was purchased in this state.
177.04(4)(b)
(b) The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the travelers check, money order or similar written instrument was purchased.
177.04(4)(c)
(c) The issuer has its principal place of business in this state, the records of the issuer show the state in which the travelers check, money order or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
177.04(5)
(5) Notwithstanding any other provision of this chapter,
sub. (4) applies to sums payable on travelers checks, money orders and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state prior to January 1, 1974.
177.04 History
History: 1983 a. 408.
177.05
177.05
Checks, drafts and similar instruments issued or certified by banking and financial organizations. 177.05(1)(1) Any sum payable on a check, draft or similar instrument, except those subject to
s. 177.04, on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than 5 years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within 5 years, has communicated in writing with the banking or financial organization concerning it or has otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization.
177.05(2)
(2) A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes those charges and does not regularly reverse or otherwise cancel them.
177.05 History
History: 1983 a. 408.
177.06
177.06
Bank deposits and funds in financial organizations. 177.06(1)(1) Any demand, savings or matured time deposit with a banking or financial organization, including deposits that are automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate or any other interest in a banking or financial organization is presumed abandoned unless the owner has, within 5 years, done one of the following:
177.06(1)(a)
(a) In the case of a deposit, increased or decreased the amount of the deposit or presented the passbook or other similar evidence of the deposit for the crediting of interest.
177.06(1)(b)
(b) Communicated in writing with the banking or financial organization concerning the property.
177.06(1)(c)
(c) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization.
177.06(1)(d)
(d) Owned other property to which
par. (a),
(b) or
(c) applies, and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent.
177.06(1)(e)
(e) Had another relationship with the banking or financial organization concerning which the owner has either:
177.06(1)(e)1.
1. Communicated in writing with the banking or financial organization.
177.06(1)(e)2.
2. Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent.
177.06(1m)(a)(a) On and after December 31, 1984, any correspondence in writing from a banking or financial organization to the owner, such as the mailing of a statement, report of interest paid or credited or other written advice relating to a deposit, means that the owner has indicated an interest in the deposit under
sub. (1), if the correspondence is not returned to the banking or financial organization for nondelivery and if the banking or financial organization maintains a record of all such returned correspondence. If correspondence is returned, the deposit is presumed abandoned unless the owner has, within 5 years after the return, undertaken at least one of the activities specified in
sub. (1) (a) to
(e).
177.06(1m)(b)
(b) This subsection does not apply to a deposit existing on December 31, 1984, until 5 years after that date or until one of the activities specified in
sub. (1) (a) to
(e) has occurred, whichever is earlier.
177.06(2)
(2) For purposes of
sub. (1), property includes interest and dividends.
177.06(3)
(3) With respect to property described in
sub. (1), a holder shall not do any of the following:
177.06(3)(a)
(a) Impose a charge during a period of dormancy or inactivity which exceeds the charge regularly imposed by that holder on that class of account, or cease payment of interest during such a period solely because of dormancy or inactivity.
177.06(3)(b)
(b) Assess a service charge after December 31 of the calendar year covered in the report filed under
s. 177.17 concerning that property.
177.06(4)
(4) Any property described in
sub. (1) that is automatically renewable is matured for purposes of
sub. (1) upon the expiration of its initial time period, or after one year if the initial period is less than one year, except that in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time period for which consent was given or one year from the date of the last consent, whichever is longer. If, at the time provided for delivery in
s. 177.17 (4) (a), a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.
177.07
177.07
Funds owing under life insurance policies. 177.07(1)(1) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than 5 years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in
sub. (3) (b) is presumed abandoned if unclaimed for more than 2 years.
177.07(2)
(2) If a person other than the insured or annuitant is entitled to the funds and no address of the person is known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company.
177.07(3)
(3) For purposes of this chapter, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is deemed matured and the proceeds due and payable under either of the following circumstances:
177.07(3)(a)
(a) The company knows that the insured or annuitant has died.
