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
177.0201
177.0201
When property presumed abandoned. Subject to s.
177.0210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below:
177.0201(1)
(1) A traveler's check, 15 years after issuance.
177.0201(2)
(2) A money order or similar instrument, 5 years after issuance.
177.0201(3)
(3) A state or municipal bond, bearer bond, or original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises.
177.0201(4)
(4) A debt of a business association owed to an individual, 3 years after the obligation to pay arises.
177.0201(5)
(5) A payroll card or demand, savings, or time deposit, including a deposit that is automatically renewable, 5 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner, except a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal.
177.0201(6)
(6) Money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, 5 years after the obligation arises.
177.0201(7)
(7) An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arises under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:
177.0201(7)(a)
(a) With respect to an amount owed on a life or endowment insurance policy, 3 years after the earliest of the date on which the insurance company has knowledge of the death of the insured or the date on which the insured attained, or would have attained if living, the limiting age under the mortality table that forms the basis of the reserve for the policy.
177.0201(7)(b)
(b) With respect to an amount owed on an annuity contract, 3 years after the date on which the insurance company has knowledge of the death of the annuitant.
177.0201(8)
(8) Property that may be distributed by a business association in the course of dissolution, one year after the property may be distributed.
177.0201(10)
(10) Except as provided in ss.
40.08 (8),
852.01 (3),
863.37 (2), and
863.39, property held by a government or governmental subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, 5 years after the property may be distributed.
177.0201(11)
(11) Wages, commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, other than amounts held in a payroll card, one year after the amount becomes payable.
177.0201(12)
(12) A deposit or refund owed to a subscriber by a utility, one year after the deposit or refund becomes payable.
177.0201(13)
(13) Property not specified in this section or ss.
177.0202 to
177.0209, the earlier of 5 years after the owner first has a right to demand the property or the date on which the obligation to pay or distribute the property arises.
177.0201 History
History: 2021 a. 87;
2021 a. 240 s.
30.
177.0202
177.0202
When tax-deferred retirement account presumed abandoned. 177.0202(1)(1)
Subject to s.
177.0210, property held in a pension account or retirement account that qualifies for federal income tax deferral under the U.S. income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3 years after the later of:
177.0202(1)(a)1.
1. The date on which a 2nd consecutive communication sent by the holder by 1st class mail to the apparent owner is returned to the holder by the U.S. postal service as undeliverable.
177.0202(1)(a)2.
2. If the 2nd communication is sent later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable.
177.0202(1)(b)1.
1. The date on which the apparent owner reaches the minimum required distribution age, as specified under the Internal Revenue Code or by federal regulation, if that can be determined by the holder.
177.0202(1)(b)2.
2. If distribution to avoid a tax penalty is required under the Internal Revenue Code, 2 years after the following:
177.0202(1)(b)2.a.
a. The date on which the holder receives confirmation of the death of the apparent owner in the ordinary course of the holder's business.
177.0202(1)(b)2.b.
b. The date on which the holder confirms the death of the apparent owner under sub.
(2).
177.0202(2)
(2) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and sub.
(1) (b) applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.
