AB752,22,23
19177.0205 When contents of safe deposit box presumed abandoned. 20Tangible property held in a safe deposit box and proceeds from a sale of the property
21by the holder permitted by law of this state other than this chapter are presumed
22abandoned if the property remains unclaimed by the apparent owner 5 years after
23the earliest of the following:
AB752,22,24
24(1) The
expiration of the lease or rental period for the box.
AB752,23,3
1(2) The earliest date when the lessor of the box is authorized by contract or law
2of this state other than this chapter to enter the box and remove or dispose of the
3contents without consent or authorization of the lessee.
AB752,55
4Section
55. 177.0207 of the statutes is created to read:
AB752,23,6
5177.0207 When security presumed abandoned. (1) Subject to s. 177.0210,
6a security is presumed to be abandoned 3 years after the following:
AB752,23,97
(a) The date on which a 2nd consecutive communication sent by the holder by
81st class mail to the apparent owner is returned to the holder by the U.S. postal
9service as undeliverable.
AB752,23,1310
(b) If the 2nd communication is sent by the holder to the apparent owner later
11than 30 days after the date on which the first communication is returned to the
12holder by the U.S. postal service as undeliverable, the date on which the first
13communication was returned as undeliverable.
AB752,23,19
14(2) If the holder does not send communications to the apparent owner of the
15security by 1st class mail, as described in sub. (1), the holder shall attempt to confirm
16the apparent owner's interest in the security by sending the apparent owner e-mail
17not later than 2 years after the apparent owner's last indication of interest in the
18security, except that the holder shall promptly attempt to contact the apparent owner
19by 1st class mail if any of the following applies:
AB752,23,2220
(a) The holder does not have information needed to send the apparent owner
21e-mail or the holder believes that the apparent owner's e-mail address in the
22holder's records is not valid.
AB752,23,2323
(b) The holder receives notification that the e-mail was not received.
AB752,23,2524
(c) The apparent owner does not respond to the e-mail within 30 days from the
25date on which the e-mail was sent.
AB752,24,3
1(3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S.
2postal service as undeliverable, the security is presumed abandoned 3 years after the
3date on which the mail is returned.
AB752,56
4Section
56. 177.0208 of the statutes is created to read:
AB752,24,8
5177.0208 When related property presumed abandoned. At and after the
6time property is presumed abandoned under this chapter, any property right or
7interest accrued or accruing from property presumed abandoned under this chapter
8is presumed abandoned.
AB752,57
9Section
57. 177.0210 of the statutes is created to read:
AB752,24,11
10177.0210 Indication of apparent owner interest in property. (1)
11Property is presumed abandoned from the earliest of the following:
AB752,24,1312
(a) The date on which the property is otherwise presumed abandoned under
13this subchapter.
AB752,24,1514
(b) The date on which the dormancy period has elapsed following the last
15indication of interest by the apparent owner in the property.
AB752,24,17
16(2) Under this chapter, an indication of an apparent owner's interest in
17property includes the following:
AB752,24,1918
(a) A record communicated by the apparent owner to the holder or the holder's
19agent concerning the property or the account in which the property is held.
AB752,24,2320
(b) An oral communication by the apparent owner to the holder or agent of the
21holder concerning the property or the account in which the property is held, if the
22holder or the holder's agent contemporaneously makes and preserves a record of the
23fact of the apparent owner's communication.
AB752,25,224
(c) Presentment of a check or other instrument of payment of a dividend,
25interest, or other distribution, or evidence of receipt of a distribution made by
1electronic or similar means, with respect to an account, underlying security, or
2interest in a business association.
AB752,25,63
(d) Activity directed by an apparent owner in the account in which the property
4is held, including accessing the account or information concerning the account, or a
5direction by the apparent owner to increase, decrease, or otherwise change the
6amount or type of property held in the account.
AB752,25,97
(e) A deposit into or withdrawal from an account at a financial organization,
8including an automatic deposit or withdrawal previously authorized by the apparent
9owner, other than an automatic reinvestment of dividends or interest.
AB752,25,1010
(f) Subject to sub. (5), payment of a premium on an insurance policy.
AB752,25,1211
(g) Any other action by the apparent owner that reasonably demonstrates to
12the holder that the apparent owner knows that the property exists.
AB752,25,15
13(3) An action by an agent or other representative of an apparent owner, other
14than the holder acting as the apparent owner's agent, is presumed to be an action on
15behalf of the apparent owner.
AB752,25,19
16(4) A communication with an apparent owner by a person other than the holder
17or the holder's representative is not an indication of interest in the property by the
18apparent owner unless a record of the communication evidences the apparent
19owner's knowledge of a right to the property.
AB752,25,24
20(5) If an insured person dies or the insured or beneficiary of an insurance policy
21otherwise becomes entitled to the proceeds before depletion of the cash surrender
22value of the policy by operation of an automatic-premium-loan provision or other
23nonforfeiture provision contained in the policy, the operation does not prevent the
24policy from maturing or terminating for purposes of this chapter.
AB752,58
25Section
58. 177.0211 of the statutes is created to read:
AB752,26,5
1177.0211 Knowledge of death of insured or annuitant. (1) In this section,
2“death master file” means the federal social security administration death master
3file or other database or service that is at least as comprehensive as the federal social
4security administration death master file for determining that a person has
5reportedly died.
AB752,26,9
6(2) With respect to a life or endowment insurance policy or annuity contract
7for which an amount is owed on proof of death, but which has not matured by proof
8of death of the insured or annuitant, the insurance company has knowledge of the
9death of an insured or annuitant when any of the following occurs:
AB752,26,1110
(a) The insurance company receives a death certificate or court order
11determining that the insured or annuitant has died.
AB752,26,1512
(b) The insurance company or other person validates the death of the insured
13or annuitant by its performance of due diligence, as required under ch. 632 or other
14law, to maintain contact with the insured or annuitant to determine whether the
15insured or annuitant has died.
AB752,26,1916
(c) The insurance company compares for any purpose a death master file with
17the names of some or all of the company's insureds or annuitants, finds a match that
18provides notice that the insured or annuitant has died, and the company validates
19the death.
AB752,26,2320
(d) The insurance company receives notice of the death of the insured or
21annuitant from a beneficiary, policy owner, relative, or trustee, or from the personal
22or legal representative of the insured's or annuitant's estate and the company
23validates the death.
AB752,26,25
24(3) The following applies to validating the death of the insured or annuitant
25under this section:
AB752,27,3
1(a) A death master file match occurs if the criteria for an exact or partial match
2is satisfied as provided by a law of this state other than this chapter or by a rule
3promulgated or policy adopted by the office of the commissioner of insurance.
AB752,27,74
(b) A death master file match does not constitute proof of death for the purpose
5of submission to an insurance company of a claim by a beneficiary, annuitant, or
6owner of the policy or contract for an amount due under an insurance policy or
7annuity contract.
AB752,27,118
(c) The death master file match or validation of the insured's or annuitant's
9death does not alter the requirements for a beneficiary, annuitant, or owner of the
10policy or contract to make a claim to receive proceeds under the terms of the policy
11or contract.
AB752,27,1712
(d) If no provision in a law of this state or a rule promulgated or policy adopted
13by the office of the commissioner of insurance establishes a time for validation of a
14death of an insured or annuitant, the insurance company shall make a good faith
15effort using other available records and information to validate the death, and
16document the effort taken for such validation, not later than 90 days after the
17insurance company has notice of the death.
AB752,27,23
18(4) This chapter does not affect the determination of the extent to which an
19insurance company before the effective date of this chapter had knowledge of the
20death of an insured or annuitant or was required to conduct a death master file
21comparison to determine whether amounts owed by the company on a life or
22endowment insurance policy or annuity contract were presumed abandoned or
23unclaimed.
AB752,59
24Section
59. 177.0212 of the statutes is created to read:
AB752,28,9
1177.0212 Deposit account for proceeds of insurance policy or annuity
2contract. If proceeds payable under a life or endowment insurance policy or annuity
3contract are deposited into an account with check or draft writing privileges for the
4beneficiary of the policy or contract and, under a supplementary contract not
5involving annuity benefits other than death benefits, the proceeds are retained by
6the insurance company or the financial organization where the account is held and
7the policy or contract includes the assets in the account, the assets in the account are
8subject to the same presumption of abandonment that is applied to the underlying
9policy or contract.
AB752,60
10Section
60. 177.0214 of the statutes is created to read:
AB752,28,13
11177.0214 Distributions by certain insurance company activities. (1)
12Subject to s. 177.0210, property distributable in the course of a demutualization of
13an insurance company is presumed abandoned.
AB752,28,16
14(2) Subject to s. 177.0210, property distributable in the course of the dissolution
15of the Health Insurance Risk-Sharing Plan under
2013 Wisconsin Act 20, section
169122 (1L), and
2013 Wisconsin Act 116, section
32 (1) (b), is presumed abandoned.
AB752,61
17Section
61. 177.03 of the statutes is repealed.
AB752,62
18Section 62
. Subchapter III (title) of chapter 177 [precedes 177.0301] of the
19statutes is created to read:
AB752,28,2020
CHAPTER 177
AB752,28,2121
SUBCHAPTER III
AB752,28,2222
taking custody of property
AB752,28,2323
presumed abandoned
AB752,63
24Section
63. 177.0301 of the statutes is created to read:
AB752,29,5
1177.0301 Address of apparent owner to establish priority. (1) The
2last-known address of an apparent owner is any description, code, or other
3indication of the location of the apparent owner that identifies the state, even if the
4description, code, or indication of location is not sufficient to direct the delivery of 1st
5class mail to the apparent owner.
AB752,29,9
6(2) If the zip code associated with the apparent owner is for a post office located
7in this state, this state is deemed to be the state of the last-known address of the
8apparent owner unless other records associated with the apparent owner specifically
9identify the physical address of the apparent owner to be in another state.
AB752,29,11
10(3) If the address under sub. (2) is in another state, the other state is deemed
11to be the state of the last-known address of the apparent owner.
AB752,29,16
12(4) The address of the apparent owner of a life or endowment insurance policy
13or annuity contract or its proceeds is presumed to be the address of the insured or
14annuitant if a person other than the insured or annuitant is entitled to the amount
15owed under the policy or contract and the address of the other person is not known
16by the insurance company and cannot be determined under s. 177.0302.
AB752,64
17Section
64. 177.0302 of the statutes is created to read:
AB752,29,21
18177.0302 Address of apparent owner in this state. Unless otherwise
19provided in this chapter or by another law of this state, if property is presumed
20abandoned, the property is subject to reporting to and custody of this state whether
21located in this state, another state, or a foreign country if any of the following applies:
AB752,29,23
22(1) The last-known address of the apparent owner in the records of the holder
23is in this state.
AB752,30,3
1(2) The records of the holder do not reflect the identity or last-known address
2of the apparent owner, but the administrator has determined that the last-known
3address of the apparent owner is in this state.
AB752,30,6
4(3) The records of the holder do not reflect the identity of the apparent owner,
5but the records of the holder do reflect that the last-known address of the apparent
6owner is in this state.
AB752,65
7Section
65. 177.0303 of the statutes is created to read:
AB752,30,13
8177.0303 If records show multiple addresses of apparent owner. (1)
9Except as provided in sub. (2), if records of a holder reflect multiple addresses for an
10apparent owner and this state is the state of the most recently recorded address, the
11property is subject to reporting to and custody of this state and the administrator
12may take custody of property presumed abandoned, whether located in this state or
13another state.
AB752,30,18
14(2) If it appears from records of the holder that the most recently recorded
15address of the apparent owner under sub. (1) is a temporary address and this state
16is the state of the next most recently recorded address that is not a temporary
17address, the property is subject to reporting to and custody of this state and the
18administrator may take custody of the property presumed abandoned.
AB752,66
19Section
66. 177.0304 of the statutes is created to read:
AB752,30,25
20177.0304 Holder domiciled in this state. (1) Except as provided in sub. (2)
21or s. 177.0302 or 177.0303, property presumed abandoned is subject to reporting to
22and custody of this state and the administrator may take custody of property
23presumed abandoned, whether located in this state, another state, or a foreign
24country, if the holder is domiciled in this state or is this state or a governmental
25subdivision, agency, or instrumentality of this state, and any of the following applies:
AB752,31,3
1(a) Another state or foreign country is not entitled to the property because there
2is no last-known address of the apparent owner or other person entitled to the
3property in the records of the holder.
AB752,31,64
(b) The state or foreign country of the last-known address of the apparent
5owner or other person entitled to the property does not provide for custodial taking
6of the property.
AB752,31,9
7(2) Property is not subject to the custody of the administrator under sub. (1)
8if the property is specifically exempt from custodial taking under the laws of this
9state or the state or foreign country of the last-known address of the apparent owner.
AB752,31,13
10(3) If a holder's state of domicile has changed since the time the property was
11presumed abandoned, the holder's state of domicile for purposes of this section is
12deemed to be the state where the holder was domiciled at the time the property was
13presumed abandoned.
AB752,67
14Section
67. 177.0305 of the statutes is created to read:
AB752,31,19
15177.0305 Custody if transaction took place in this state. Except as
16provided in ss. 177.0302, 177.0303, or 177.0304, property presumed abandoned is
17subject to reporting to and custody of this state and the administrator may take
18custody of property presumed abandoned whether located in this state or another
19state if any of the following applies:
AB752,31,20
20(1) The transaction out of which the property arose took place in this state.
AB752,31,24
21(2) The holder is domiciled in a state that does not provide for the custodial
22taking of the property, except that if the property is specifically exempt from
23custodial taking under the law of the state of the holder's domicile, the property is
24not subject to the custody of the administrator.
AB752,32,5
1(3) The last-known address of the apparent owner or other person entitled to
2the property is unknown or in a state that does not provide for the custodial taking
3of the property, except that if the property is specifically exempt from custodial
4taking under the law of the state of the last-known address, the property is not
5subject to the custody of the administrator.
AB752,68
6Section
68. 177.0306 of the statutes is created to read:
AB752,32,10
7177.0306 Travelers check, money order, or similar instrument. Sums
8payable on a travelers check, money order, or similar instrument presumed
9abandoned are subject to reporting to and custody of this state and the administrator
10may take custody of such sums to the extent permitted under
12 U.S.C. 2501 to
2503.
AB752,69
11Section
69. 177.0307 of the statutes is created to read:
AB752,32,15
12177.0307 Virtual currency. Virtual currency presumed abandoned is subject
13to reporting and custody of this state if the holder is able to convert virtual currency
14to U.S. currency by sale, exchange, or any other disposition. The holder shall convert
15the virtual currency to U.S. currency for delivery to the administrator.
AB752,70
16Section
70. 177.0308 of the statutes is created to read:
AB752,32,21
17177.0308 Hazardous or dangerous items found in safe deposit box.
18Thirty days prior to delivery of any hazardous or dangerous items such as guns,
19chemicals, or explosives under s. 177.0205, the holder shall provide written notice
20to the administrator and deliver the hazardous or dangerous items as required by
21the administrator.
AB752,71
22Section
71. 177.04 of the statutes is repealed.
AB752,72
23Section 72
. Subchapter IV (title) of chapter 177 [precedes 177.0401] of the
24statutes is created to read:
AB752,32,2525
CHAPTER 177
AB752,33,1
1SUBCHAPTER iV
AB752,33,22
report by holder
AB752,73
3Section
73. 177.0401 of the statutes is created to read: