177.0702 Disposal of securities.
177.0703 Purchaser owns property after sale.
177.0704 Military medal or decoration.
SUBCHAPTER VIII
administration of property
177.0801 Deposit of funds by administrator.
177.0802 Administrator to retain records of property.
SUBCHAPTER IX
Claim to recover property
FROM ADMINISTRATOR
177.0901 Claim of another state to recover property.
177.0902 When property subject to recovery by another state.
177.0903 Claim for property by person claiming to be owner.
177.0904 When administrator must honor claim for property.
177.0905 Allowance of claim for property.
177.0906 Action by person whose claim is denied.
177.0907 Claim to recover abandoned U.S. savings bond.
SUBCHAPTER X
requests for reports;
examination of records
177.1001 Verified report of property.
177.1002 Requests for reports and examination of records.
177.1003 Records obtained in examination.
177.1004 Failure of person to maintain records.
177.1005 Administrator's contract with another to conduct examination.
SUBCHAPTER XI
Assessments and appeals
177.1101 Default assessment.
177.1102 Notice of assessment.
177.1103 Appeal of assessment.
SUBCHAPTER XII
enforcement
177.1202 Interstate and international agreement; cooperation.
177.1203 Action involving another state or foreign country.
177.1205 Waiver of penalties.
177.1206 Recovery of property paid to incorrect claimant.
SUBCHAPTER XIII
Agreement to locate
property OF apparent owner
held by administrator
177.1301 When agreement to locate property enforceable.
177.1302 When agreement to locate property void.
SUBCHAPTER XIV
confidentiality and security
of information
177.1401 Definitions; applicability.
177.1402 Confidential information.
177.1403 When confidential information may be disclosed.
SUBCHAPTER XV
miscellaneous provisions
177.1501 Uniformity of application and construction.
177.1502 Effect of new provisions; clarification of application.
177.1503 Escheat of property to municipalities.
177.1504 Escheat of U.S. savings bonds.
177.1505 Voluntary disclosure.
general provisions
177.001
177.001
Short title. This chapter may be cited as the “Revised Uniform Unclaimed Property Act.”
177.001 History
History: 2021 a. 87.
177.01
177.01
Definitions. In this chapter:
177.01(1)
(1) “Administrator" means the department of revenue.
177.01(1d)
(1d) “Administrator's agent” means a person that the administrator contracts with to conduct an examination under subch.
X on the administrator's behalf, including an independent contractor of such person and each individual participating in the examination on behalf of the person or contractor.
177.01(2)
(2) “Apparent owner" means a person whose name appears on the records of the holder as the owner of property held, issued, or owing by the holder.
177.01(5)
(5) “Business association" means a corporation; joint stock company; investment company, not including an investment company registered under the Investment Company Act of 1940, as amended,
15 USC 80a-1 to
80a-64; business trust; partnership; unincorporated association; joint venture; limited liability company; trust company; land bank; safe deposit company; safekeeping depository; financial organization; insurance company; federally chartered entity; utility; sole proprietorship; or other business entity; regardless of whether any such entity is for profit.
177.01(5d)
(5d) “Confidential information” means records, reports, and information that are confidential under s.
177.1402.
177.01(6)
(6) “Domicile" means the following:
177.01(6)(a)
(a) For a corporation, the state of its incorporation.
177.01(6)(b)
(b) For a business association, other than a corporation, that requires a filing with a state for its formation, the state of its filing.
177.01(6)(c)
(c) For a federally chartered entity or an investment company registered under the Investment Company Act of 1940, as amended,
15 USC 80a-1 to
80a-64, the state of its home office.
177.01(6)(d)
(d) For any other holder, the state of its principal place of business.
177.01(6d)
(6d) “Dormancy period” means the period of time, as specified for each property type in this chapter, that must pass before the property is presumed abandoned.
177.01(6f)
(6f) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
177.01(6g)
(6g) “E-mail” means a communication by electronic means which is automatically retained and stored and may be readily accessed or retrieved.
177.01(7)
(7) “Financial organization" means a savings and loan association, savings bank, building and loan association, credit union, industrial bank, bank, banking organization, trust company, land bank, safe deposit company, private banker, or any other organization defined by other law as a bank, banking organization, or financial institution.
177.01(7b)
(7b) “Game-related digital content” means digital content that exists only in an electronic game or electronic-game platform. “Game-related digital content” includes game play currency, such as a virtual wallet, even if denominated in U.S. currency and points sometimes referred to as gems, tokens, gold, and similar names, and digital codes, if for use or redemption only within the game or platform or another electronic game or electronic game platform. “Game-related digital content” does not include an item that the issuer permits to be redeemed for use outside of a game or platform and for money or goods and services that have more than minimal value or that the issuer otherwise monetizes for use outside of a game or platform.
177.01(7d)(a)(a) “Gift card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, or services 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(7d)(a)2.
2. The value or amount may be decreased only by redemption for merchandise, goods, or services.
177.01(7d)(a)3.
3. The value or amount may not be redeemed for or converted into money or otherwise monetized by the issuer.
177.01(7d)(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(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.
