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AB752,43,23 22(9) A holder is not required to pay a fee or other charge for reimbursement or
23return of property under this section.
AB752,44,2 24(10) Not later than 120 days after a claim is filed under sub. (1) or (4), the
25administrator shall allow or deny the claim and give the claimant notice of the

1decision in a record. If the administrator does not take action on a claim during the
2120-day period, the claim is deemed denied.
AB752,44,9 3(11) If a holder's claim is denied under this section, the holder may petition for
4judicial review of the claim under s. 227.52, notwithstanding s. 227.52 (1), except
5that petitions for review shall be served and filed no later than 90 days after the
6decision of the administrator or no later than 180 days after the filing of the claim
7if the administrator has failed to act on it. If the holder establishes the claim in an
8action against the administrator, the hearing examiner or court may award costs and
9reasonable attorney fees as permitted by s. 227.483, 227.485, or 814.245.
AB752,44,13 10(12) If a holder receives reimbursement under this section, or for any other
11reason under this chapter, and the holder is a debtor under s. 71.93 or 71.935, the
12administrator shall setoff the reimbursement against the holder's debts under s.
1371.93 or 71.935.
AB752,93 14Section 93. 177.0606 of the statutes is created to read:
AB752,44,21 15177.0606 Property removed from safe deposit box. Property removed
16from a safe deposit box and delivered to the administrator is subject to the holder's
17right to reimbursement for the cost of opening the box and a lien or contract providing
18reimbursement to the holder for unpaid rent charges for the box. The administrator
19shall reimburse the holder from payment made by the apparent owner in the process
20of claiming the safe deposit box or the proceeds remaining after deducting the
21expense incurred by the administrator in selling the property.
AB752,94 22Section 94. 177.0607 of the statutes is created to read:
AB752,45,5 23177.0607 Income, interest, or gain while in the administrator's
24custody.
If property is delivered to the administrator and income, interest, or gain
25is realized or accrued while in the custody of the administrator, upon a valid and

1allowed claim to the administrator, the owner is entitled to receive from the
2administrator income, interest, or gain realized or accrued on the property while in
3the custody of the administrator. Interest begins to accrue when the property is
4delivered to the administrator and shall be at the rate earned while in custody of the
5administrator.
AB752,95 6Section 95. 177.0608 of the statutes is created to read:
AB752,45,9 7177.0608 Administrator's options as to custody. The administrator may
8decline to take custody of property reported under s. 177.0401 if the administrator
9determines that any of the following applies:
AB752,45,11 10(1) The property has a value less than the estimated expenses of notice and sale
11of the property.
AB752,45,12 12(2) Taking custody of the property would be unlawful.
AB752,45,13 13(3) The property is not subject to custody or escheatment under this chapter.
AB752,96 14Section 96. 177.0609 of the statutes is created to read:
AB752,45,20 15177.0609 Disposition of property having no substantial value;
16immunity from liability. (1)
If the administrator takes custody of property
17delivered under this chapter and later determines that the property has no
18substantial commercial value or that the cost of disposing of the property exceeds the
19value of the property, the administrator may return the property to the holder or
20destroy or otherwise dispose of the property.
AB752,45,23 21(2) An action or proceeding may not be commenced against the state, an agency
22of the state, the administrator, another officer, employee, or agent of the state, or a
23holder for or because of an act of the administrator under this section.
AB752,97 24Section 97. 177.0610 of the statutes is created to read:
AB752,46,6
1177.0610 Periods of limitation and repose. (1) Expiration, before, on, or
2after the effective date of this subsection .... [LRB inserts date], of a period of
3limitation on an owner's right to receive or recover property, whether specified by
4contract or court order, and notwithstanding any law to the contrary, does not
5prevent the property from being presumed abandoned or affect the duty of a holder
6under this chapter to file a report or pay or deliver property to the administrator.
AB752,46,10 7(2) The administrator may not commence an action or proceeding to enforce
8this chapter with respect to the reporting, payment, or delivery of property reported
9to the administrator more than 5 years after the holder filed a nonfraudulent report
10and reported the property under s. 177.0401 to the administrator.
AB752,46,15 11(3) If a holder is required to file a report under s. 177.0401 and fails to do so,
12or if a holder files a report but does not report property required to be included with
13the report under 177.0401, the administrator may not commence an action,
14proceeding, or examination with respect to the reporting, payment, or delivery of the
15unreported property more than 10 years after the holder's duty to report arose.
AB752,46,17 16(4) Subsections (1) to (3) do not apply in the case of the filing of a fraudulent
17report or to any collection action or proceeding under s. 177.1201 or 177.1206.
AB752,46,19 18(5) For purposes of this section, the administrator and holder may extend any
19period of limitation by written agreement.
AB752,98 20Section 98. 177.07 of the statutes is repealed.
AB752,99 21Section 99 . Subchapter VII (title) of chapter 177 [precedes 177.0701] of the
22statutes is created to read:
AB752,46,2323 CHAPTER 177
AB752,46,2424 SUBCHAPTER VII
AB752,46,2525 Sale of property by administrator
AB752,100
1Section 100. 177.0701 of the statutes is created to read:
AB752,47,4 2177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and
3177.1504, the administrator shall sell abandoned property within 3 years after
4receiving the property.
AB752,47,7 5(2) Before selling property under sub. (1), the administrator shall give notice
6to the public of the date of the sale and include with the notice a reasonable
7description of the property.
AB752,47,9 8(3) Except as provided under sub. (4), a sale under sub. (1) shall be to the
9highest bidder by any of the following means:
AB752,47,1110 (a) At a public sale at a location in this state that the administrator determines
11to be the most favorable market for the property.
AB752,47,1212 (b) On the Internet.
AB752,47,1413 (c) On another forum that the administrator determines is likely to yield the
14highest net proceeds.
AB752,47,17 15(4) The administrator may decline the highest bid at a sale under this section
16and re-offer the property for sale if the administrator determines the highest bid is
17insufficient.
AB752,47,21 18(5) If a sale held under this section is to be conducted other than on the Internet,
19the administrator shall publish at least one notice of the sale, at least 3 weeks, but
20not more than 5 weeks before the sale, in a newspaper of general circulation in the
21county in which the property is sold.
AB752,101 22Section 101. 177.0702 of the statutes is created to read:
AB752,47,25 23177.0702 Disposal of securities. (1) Unless the administrator determines
24that it is in the best interest of this state to do otherwise, the administrator shall hold
25all securities for at least one year before selling them.
AB752,48,4
1(2) The administrator may not sell a security listed on an established stock
2exchange for less than the price prevailing on the exchange at the time of sale. The
3administrator may sell a security not listed on an established exchange by any
4commercially-reasonable method.
AB752,102 5Section 102. 177.0703 of the statutes is created to read:
AB752,48,10 6177.0703 Purchaser owns property after sale. A purchaser of property at
7a sale conducted by the administrator under this chapter takes the property free of
8all claims of the owner, a previous holder, a creditor, or a person claiming an interest
9through the owner or holder. The administrator shall execute documents necessary
10to complete the transfer of ownership to the purchaser.
AB752,103 11Section 103. 177.0704 of the statutes is created to read:
AB752,48,13 12177.0704 Military medal or decoration. (1) The administrator may not sell
13a medal or decoration awarded for service in the U.S. armed forces.
AB752,48,16 14(2) The administrator may deliver a medal or decoration as described under
15sub. (1) to any of the following entities, with the entity's consent, to hold in custody
16for the owner:
AB752,48,1717(a) An entity organized under section 501 (c) (19) of the Internal Revenue Code.
AB752,48,1818 (b) The agency that awarded the medal or decoration.
AB752,48,1919 (c) A governmental entity.
AB752,48,21 20(3) The administrator is not responsible for the safekeeping of a medal or
21decoration after it is delivered to an entity under sub. (2).
AB752,104 22Section 104. 177.075 of the statutes is repealed.
AB752,105 23Section 105. 177.08 of the statutes is repealed.
AB752,106 24Section 106 . Subchapter VIII (title) of chapter 177 [precedes 177.0801] of the
25statutes is created to read:
AB752,49,1
1CHAPTER 177
AB752,49,22 SUBCHAPTER VIII
AB752,49,33 administration of property
AB752,107 4Section 107. 177.0801 of the statutes is created to read:
AB752,49,8 5177.0801 Deposit of funds by administrator. (1) Except as provided in sub.
6(2), the administrator shall deposit in the common school fund all funds received
7under this chapter, including proceeds from the sale of property under subch. VII and
8amounts received from the redemption of U.S. savings bonds under s. 177.1504.
AB752,49,12 9(2) The administrator shall deposit in the general fund an amount that the
10administrator reasonably estimates is sufficient to pay claims allowed under this
11chapter and administrative expenses. For purposes of this subsection,
12“administrative expenses” means any of the following:
AB752,49,1313 (a) Expenses for the disposition of property delivered to the administrator.
AB752,49,1514 (b) Costs of mailing and publication in connection with property delivered to
15the administrator.
AB752,49,1616 (c) Reasonable service charges.
AB752,49,1817 (d) Expenses incurred in examining records of or collecting property from a
18putative holder or holder.
AB752,49,1919 (e) Any costs in connection with the sale of abandoned property.
AB752,49,2120 (f) Any costs in connection with the action under s. 177.0907 and the
21redemption of a U.S. savings bond under s. 177.0907.
AB752,49,2322 (g) Salaries of the employees of the office of the state treasurer and the
23administrator that are attributable to the administration of this chapter.
AB752,108 24Section 108. 177.0802 of the statutes is created to read:
AB752,50,2
1177.0802 Administrator to retain records of property. The administrator
2shall do all of the following:
AB752,50,5 3(1) Record the name, last-known address, social security number or taxpayer
4identification number, and date of birth of each person shown on a report filed under
5s. 177.0401 to be the apparent owner of property delivered to the administrator.
AB752,50,8 6(2) Record the name, last-known address, social security number or taxpayer
7identification number, and date of birth of each insured or annuitant and beneficiary
8shown on the report.
AB752,50,11 9(3) For each policy of insurance or annuity contract listed in the report of an
10insurance company, record the policy or account number, the name of the company,
11and the amount due or paid.
AB752,50,13 12(4) For each apparent owner listed in the report, record the name of the holder
13that filed the report and the amount due or paid.
AB752,50,16 14(5) For each U.S. savings bond, record the name and last-known address of
15each owner of the U.S. savings bond and the issue date, face amount, and serial
16number of the U.S. savings bond.
AB752,109 17Section 109. 177.0803 of the statutes is created to read:
AB752,50,21 18177.0803 Administrator holds property as custodian for owner. Subject
19to subch. XIV, the information recorded by the administrator under s. 177.0802 is not
20available for inspection or copying under s. 19.35 (1) until 12 months after payment
21or delivery of the property is due under s. 177.0403.
AB752,110 22Section 110. 177.09 of the statutes is renumbered 177.0215.
AB752,111 23Section 111 . Subchapter IX (title) of chapter 177 [precedes 177.0901] of the
24statutes is created to read:
AB752,50,2525 CHAPTER 177
AB752,51,1
1SUBCHAPTER IX
AB752,51,22 Claim to recover property
AB752,51,33 from administrator
AB752,112 4Section 112. 177.0901 of the statutes is created to read:
AB752,51,9 5177.0901 Claim of another state to recover property. (1) If the
6administrator knows that property held by the administrator under this chapter is
7subject to a superior claim of another state, the administrator shall report and pay
8or deliver the property to the other state or return the property to the holder so that
9the holder may pay or deliver the property to the other state.
AB752,51,11 10(2) The administrator may enter into an agreement to transfer property to the
11other state under sub. (1).
AB752,113 12Section 113. 177.0902 of the statutes is created to read:
AB752,51,15 13177.0902 When property subject to recovery by another state. (1)
14Property held under this chapter by the administrator is subject to the right of
15another state to take custody of the property if any of the following applies:
AB752,51,2116 (a) The property was paid or delivered to the administrator because the records
17of the holder did not reflect a last-known address in the other state of the apparent
18owner and the other state establishes that the last-known address of the apparent
19owner or other person entitled to the property was in the other state or, under the
20law of the other state, the property has become subject to a claim by the other state
21of abandonment.
AB752,51,2522 (b) The records of the holder did not accurately identify the owner of the
23property, the last-known address of the owner was in another state, and, under the
24law of the other state, the property has become subject to a claim by the other state
25of abandonment.
AB752,52,4
1(c) The property was subject to the custody of the administrator of this state
2under s. 177.0305 and, under the law of the state of domicile of the holder, the
3property has become subject to a claim by the state of domicile of the holder of
4abandonment.
AB752,52,85 (d) The property is a sum payable on a traveler's check, money order, or similar
6instrument that was purchased in the other state and delivered to the administrator
7under s. 177.0306 and, under the law of the other state, has become subject to a claim
8by the other state of abandonment.
AB752,52,11 9(2) A claim by another state to recover property under this section must be
10presented in a form prescribed by the administrator, unless the administrator
11waives presentation of the form.
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