177.30 Requests for reports and examination of records.
177.31 Retention of records.
177.33 Interstate agreements and cooperation; joint and reciprocal actions with other states.
177.34 Interest and penalties.
177.35 Agreement to locate reported property.
177.36 Foreign transactions.
177.37 Effect of new provisions; clarification of application.
177.40 Uniformity of application and construction.
177.41 Escheat of property to municipalities.
177.01
177.01
Definitions. In this chapter:
177.01(1)
(1) “Administrator" means the secretary of revenue.
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(14m)
(14m) “U.S. savings bond" means a savings bond issued by the U.S. department of the treasury, whether in paper, electronic, or paperless form, and includes all proceeds of the savings bond.
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 statute of limitations is discussed. Employers Ins. of Wausau v. Smith,
154 Wis. 2d 199,
453 N.W.2d 856 (1990).
177.015 History
History: 1985 a. 30,
332;
2005 a. 441.
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;
2005 a. 253.
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.
