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SB370,180 10Section 180. 177.32 of the statutes is repealed.
SB370,181 11Section 181. 177.33 of the statutes is repealed.
SB370,182 12Section 182. 177.34 of the statutes is repealed.
SB370,183 13Section 183. 177.35 of the statutes is repealed.
SB370,184 14Section 184. 177.36 of the statutes is repealed.
SB370,185 15Section 185. 177.37 of the statutes is renumbered 177.1502 and amended to
16read:
SB370,79,25 17177.1502 Effect of new provisions; clarification of application. (1) This
18chapter does not relieve a holder of a duty that arose before December 31, 1984 the
19effective date of this subsection .... [LRB inserts date],
to report, pay, or deliver
20property. A Subject to s. 177.0610 (2) and (3), a holder who did not comply with the
21law governing unclaimed property in effect before December 31, 1984 the effective
22date of this subsection .... [LRB inserts date],
is subject to the applicable enforcement
23and penalty provisions that then existed and they are continued in effect for the
24purpose of this subsection, except as provided in s. 177.29 (2)
before the effective date
25of this subsection .... [LRB inserts date]
.
SB370,80,7
1(2) The initial report filed under this chapter for property that was not required
2to be reported before December 31, 1984 the effective date of this subsection .... [LRB
3inserts date]
, but which is subject to that is required to be reported under this
4chapter, shall include all items of property that would have been presumed
5abandoned during the 10-year period preceding December 31, 1984 the effective
6date of this subsection .... [LRB inserts date],
as if this chapter had been in effect
7during that period.
SB370,186 8Section 186. 177.38 of the statutes is renumbered 177.016.
SB370,187 9Section 187. 177.40 of the statutes is renumbered 177.1501.
SB370,188 10Section 188. 177.41 of the statutes is renumbered 177.1503.
SB370,189 11Section 189. 193.735 (1) (intro.) of the statutes is amended to read:
SB370,80,1712 193.735 (1) Alternate procedure to distribute property. (intro.)
13Notwithstanding s. 177.17 (4) (a) 2. and (b) ch. 177, a cooperative may distribute any
14property required to be reported under s. 177.17 (1) subch. IV of ch. 177 to an entity
15that is exempt from taxation under section 501 (a) of the Internal Revenue Code. A
16cooperative making a distribution under this subsection shall file all of the following
17with the secretary of revenue before making the distribution:
SB370,190 18Section 190. 193.735 (2) of the statutes is amended to read:
SB370,80,2119 193.735 (2) Reporting procedure not affected. Subsection (1) does not affect
20the requirement that a cooperative report property under s. 177.17 (1) subch. IV of
21ch. 177
.
SB370,191 22Section 191. 610.61 of the statutes is amended to read:
SB370,80,25 23610.61 Duty of life insurers to report abandoned property. An insurer
24doing a life insurance business shall report under s. 177.17 subch. IV of ch. 177 any
25property presumed abandoned under s. 177.07 subch. II of ch. 177.
SB370,192
1Section 192. 632.63 (4) of the statutes is amended to read:
SB370,81,72 632.63 (4) Payment of benefits. The benefits from a policy, contract, or a
3retained asset account, plus any applicable accrued contractual interest, shall first
4be payable to the designated beneficiaries or owners and, in the event said
5beneficiaries or owners cannot be found, shall escheat to the state as unclaimed
6property under ch. 177. Interest payable under s. 628.46 shall not be payable as
7unclaimed property under s. 177.07 subch. II of ch. 177.
SB370,193 8Section 193. 863.37 (2) (a) of the statutes is amended to read:
SB370,81,179 863.37 (2) (a) Whenever payment of a legacy or a distributive share cannot be
10made to the person entitled to payment or it appears that the person may not receive
11or have the opportunity to obtain payment, the court may, on petition of a person
12interested or on its own motion, order that the funds be paid or delivered to the
13secretary of revenue for deposit as provided under s. 177.23 subch. VIII of ch. 177.
14Claims on the funds may be made under s. 863.39 within 10 years after the date of
15publication under s. 177.18 177.0503. When a claimant to the funds resides outside
16the United States or its territories the court may require the personal appearance
17of the claimant before the court.
SB370,194 18Section 194. 863.39 (1) of the statutes is amended to read:
SB370,81,2419 863.39 (1) Generally. If any legacy or intestate property is not claimed by the
20distributee within 120 days after entry of final judgment, or within the time
21designated in the judgment, it shall be converted into money as close to the inventory
22value as possible and paid to the secretary of revenue administrator for deposit as
23provided under s. 177.23 177.0801. Claims for the money shall be made under sub.
24(3).
SB370,195 25Section 195. 863.39 (3) (a) of the statutes is amended to read:
SB370,82,15
1863.39 (3) (a) Within 10 years after the date of publication under s. 177.18
2177.0503, any person claiming any amount deposited under sub. (1) may file in the
3probate court in which the estate was settled a petition alleging the basis of his or
4her claim. The court shall order a hearing upon the petition, and 20 days' notice of
5the hearing and a copy of the petition shall be given by the claimant to the
6department of revenue and to the attorney general, who may appear for the state at
7the hearing. If the claim is established it shall be allowed without interest, but
8including any increment which may have occurred on securities held, and the court
9shall so certify to the department of administration, which shall audit the claim. The
10secretary of revenue shall pay the claim out of the appropriation under s. 20.566 (4)
11(j). Before issuing the order distributing the estate, the court shall issue an order
12determining the death tax due, if any. If real property has been adjudged to escheat
13to the state under s. 852.01 (3) the probate court which made the adjudication may
14adjudge at any time before title has been transferred from the state that the title
15shall be transferred to the proper owners under this subsection.
SB370,196 16Section 196. 893.95 of the statutes is amended to read:
SB370,82,18 17893.95 Unclaimed property; civil remedies. Any civil action to enforce ch.
18177 is subject to the limitations under s. 177.29 (2) 177.0610.
SB370,197 19Section 197. Initial applicability.
SB370,82,2120 (1) Interest. The treatment of s. 177.0607 first applies to claims filed after the
21effective date of this subsection.
SB370,82,2222 (End)
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