177.01(8)
(8) “Holder" means a person obligated to hold property subject to this chapter for the account of, or to deliver or pay to, the owner.
177.01(9)
(9) “Insurance company" means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, which is engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection, and worker compensation insurance.
177.01(11d)
(11d) “Loyalty card” means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program and that may be used or redeemed only to obtain goods or services or a discount on goods or services. “Loyalty card” does not include a record that may be redeemed for money or otherwise monetized by the issuer.
177.01(11f)
(11f) “Mineral" means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this state other than this chapter.
177.01(11g)
(11g) “Mineral proceeds” means an amount payable for extraction, production, or sale of minerals or, on the abandonment of the amount, an amount that becomes payable after abandonment. “Mineral proceeds" includes an amount payable:
177.01(11g)(a)
(a) For the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental.
177.01(11g)(b)
(b) For the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, and production payment.
177.01(11g)(c)
(c) Under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement.
177.01(11j)
(11j) “Money order” means a payment order for a specified amount of money. “Money order" includes an express money order and a personal money order on which the remitter is the purchaser.
177.01(11m)
(11m) “Municipal bond” means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state.
177.01(12)
(12) “Owner" means a person having a legal, beneficial, or equitable interest in property subject to this chapter or the person's legal representative acting on the person's behalf. “Owner” includes the following:
177.01(12)(b)
(b) A beneficiary, for a trust other than a deposit in trust.
177.01(12)(c)
(c) A creditor, claimant, or payee, for other property.
177.01(12)(d)
(d) The lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.
177.01(12d)
(12d) “Payroll card” means a record that evidences a payroll-card account, as defined in Regulation E,
12 CFR part 1005, as amended.
177.01(13)
(13) “Person" means an individual, business association, government, governmental subdivision, instrumentality, or agency, public corporation, estate, or any other legal entity.
177.01(13b)(a)(a) “Property” means tangible property described in s.
177.0205 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality.
177.01(13b)(b)2.c.
c. A credit balance, customer overpayment, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance.
177.01(13b)(b)2.d.
d. A security, except for a worthless security or a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security.
177.01(13b)(b)2.f.
f. Money deposited to redeem a security, make a distribution, or pay a dividend.
177.01(13b)(b)2.g.
g. An amount due and payable under an annuity contract or insurance policy.
177.01(13b)(b)2.h.
h. An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit.
177.01(13d)
(13d) “Putative holder” means a person believed by the administrator to be a holder, until the person pays or delivers to the administrator property subject to this chapter or the administrator or a court makes a final determination that the person is or is not a holder.
177.01(13f)
(13f) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
177.01(13h)
(13h) “Security” means all of the following:
177.01(13h)(b)
(b) A security entitlement, as defined in s.
408.102 (1) (q), including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not any of the following:
177.01(13h)(b)1.
1. Registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets.
177.01(13h)(c)
(c) An equity interest in a business association that is not a security under par.
(a) or a security entitlement under par.
(b).
177.01(13j)
(13j) “Sign” means any of the following done with the intent to authenticate or adopt a record:
177.01(13j)(b)
(b) To attach to or logically associate with the record an electronic symbol, sound, or process.
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(14d)(a)(a) “Stored-value card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, services, or money will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:
177.01(14d)(a)2.
2. The value or amount may be decreased only by redemption for merchandise, goods, services, or money.
177.01(14d)(a)3.
3. The value or amount may be redeemed for or converted into money or otherwise monetized by the issuer.
177.01(14d)(b)1.
1. A record that contains or consists of a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded, and the value or amount of which is decreased on each use and increased by payment of additional consideration.
177.01(14d)(c)
(c) “Stored-value card” does not include the following:
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 that owns or operates for public use any plant, equipment, real property, franchise, or license for the transmission of communications; the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; the provision of sewage or septic services; or the disposal or recycling of trash or garbage.
177.01(16)
(16) “Virtual currency” means a digital representation of value used as a medium of exchange, unit of account, or store of value that does not have legal tender status recognized by the United States. “Virtual currency" does not include:
177.01(16)(a)
(a) The software or protocols governing the transfer of the digital representation of value.
177.01(17)
(17) “Worthless security” means a security for which the cost of liquidation and delivery to the administrator exceeds the value of the security on the date on which a report is due under this chapter.
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
177.015
Inapplicability to foreign transactions and other exemptions. 177.015(2)
(2) This chapter does not apply to any of the following:
177.015(2)(a)
(a) Property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction.
177.015(2)(b)
(b) Any payment or credit shown on the books and records of a business association owed to another business association in the ordinary course of business.
177.016
177.016
Rules. The administrator may adopt any rules necessary to administer this chapter.
177.016 History
History: 1983 a. 408;
2021 a. 87 s.
186; Stats. 2021 s. 177.016.
presumption of abandonment
