SB370: Bill Text

SB370,180 Section 180. 177.32 of the statutes is repealed.

SB370,181 Section 181. 177.33 of the statutes is repealed.

SB370,182 Section 182. 177.34 of the statutes is repealed.

SB370,183 Section 183. 177.35 of the statutes is repealed.

SB370,184 Section 184. 177.36 of the statutes is repealed.

SB370,185 Section 185. 177.37 of the statutes is renumbered 177.1502 and amended to read:

SB370,79,25 177.1502 Effect of new provisions; clarification of application. (1) This chapter does not relieve a holder of a duty that arose before December 31, 1984 the effective date of this subsection .... [LRB inserts date], to report, pay, or deliver property. A Subject to s. 177.0610 (2) and (3), a holder who did not comply with the law governing unclaimed property in effect before December 31, 1984 the effective date of this subsection .... [LRB inserts date], is subject to the applicable enforcement and penalty provisions that then existed and they are continued in effect for the purpose of this subsection, except as provided in s. 177.29 (2) before the effective date of this subsection .... [LRB inserts date].

SB370,80,7 (2) The initial report filed under this chapter for property that was not required to be reported before December 31, 1984 the effective date of this subsection .... [LRB inserts date], but which is subject to that is required to be reported under this chapter, shall include all items of property that would have been presumed abandoned during the 10-year period preceding December 31, 1984 the effective date of this subsection .... [LRB inserts date], as if this chapter had been in effect during that period.

SB370,186 Section 186. 177.38 of the statutes is renumbered 177.016.

SB370,187 Section 187. 177.40 of the statutes is renumbered 177.1501.

SB370,188 Section 188. 177.41 of the statutes is renumbered 177.1503.

SB370,189 Section 189. 193.735 (1) (intro.) of the statutes is amended to read:

SB370,80,17 193.735 (1) Alternate procedure to distribute property. (intro.) Notwithstanding s. 177.17 (4) (a) 2. and (b) ch. 177, a cooperative may distribute any property required to be reported under s. 177.17 (1) subch. IV of ch. 177 to an entity that is exempt from taxation under section 501 (a) of the Internal Revenue Code. A cooperative making a distribution under this subsection shall file all of the following with the secretary of revenue before making the distribution:

SB370,190 Section 190. 193.735 (2) of the statutes is amended to read:

SB370,80,21 193.735 (2) Reporting procedure not affected. Subsection (1) does not affect the requirement that a cooperative report property under s. 177.17 (1) subch. IV of ch. 177.

SB370,191 Section 191. 610.61 of the statutes is amended to read:

SB370,80,25 610.61 Duty of life insurers to report abandoned property. An insurer doing a life insurance business shall report under s. 177.17 subch. IV of ch. 177 any property presumed abandoned under s. 177.07 subch. II of ch. 177.

SB370,192 Section 192. 632.63 (4) of the statutes is amended to read:

SB370,81,7 632.63 (4) Payment of benefits. The benefits from a policy, contract, or a retained asset account, plus any applicable accrued contractual interest, shall first be payable to the designated beneficiaries or owners and, in the event said beneficiaries or owners cannot be found, shall escheat to the state as unclaimed property under ch. 177. Interest payable under s. 628.46 shall not be payable as unclaimed property under s. 177.07 subch. II of ch. 177.

SB370,193 Section 193. 863.37 (2) (a) of the statutes is amended to read:

SB370,81,17 863.37 (2) (a) Whenever payment of a legacy or a distributive share cannot be made to the person entitled to payment or it appears that the person may not receive or have the opportunity to obtain payment, the court may, on petition of a person interested or on its own motion, order that the funds be paid or delivered to the secretary of revenue for deposit as provided under s. 177.23 subch. VIII of ch. 177. Claims on the funds may be made under s. 863.39 within 10 years after the date of publication under s. 177.18 177.0503. When a claimant to the funds resides outside the United States or its territories the court may require the personal appearance of the claimant before the court.

SB370,194 Section 194. 863.39 (1) of the statutes is amended to read:

SB370,81,24 863.39 (1) Generally. If any legacy or intestate property is not claimed by the distributee within 120 days after entry of final judgment, or within the time designated in the judgment, it shall be converted into money as close to the inventory value as possible and paid to the secretary of revenue administrator for deposit as provided under s. 177.23 177.0801. Claims for the money shall be made under sub. (3).

SB370,195 Section 195. 863.39 (3) (a) of the statutes is amended to read:

SB370,82,15 863.39 (3) (a) Within 10 years after the date of publication under s. 177.18 177.0503, any person claiming any amount deposited under sub. (1) may file in the probate court in which the estate was settled a petition alleging the basis of his or her claim. The court shall order a hearing upon the petition, and 20 days' notice of the hearing and a copy of the petition shall be given by the claimant to the department of revenue and to the attorney general, who may appear for the state at the hearing. If the claim is established it shall be allowed without interest, but including any increment which may have occurred on securities held, and the court shall so certify to the department of administration, which shall audit the claim. The secretary of revenue shall pay the claim out of the appropriation under s. 20.566 (4) (j). Before issuing the order distributing the estate, the court shall issue an order determining the death tax due, if any. If real property has been adjudged to escheat to the state under s. 852.01 (3) the probate court which made the adjudication may adjudge at any time before title has been transferred from the state that the title shall be transferred to the proper owners under this subsection.

SB370,196 Section 196. 893.95 of the statutes is amended to read:

SB370,82,18 893.95 Unclaimed property; civil remedies. Any civil action to enforce ch. 177 is subject to the limitations under s. 177.29 (2) 177.0610.

SB370,197 Section 197. Initial applicability.

SB370,82,21 (1) Interest. The treatment of s. 177.0607 first applies to claims filed after the effective date of this subsection.

SB370,82,22 (End)