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SB756,97 24Section 97. 177.0610 of the statutes is created to read:
SB756,46,6
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.
SB756,46,10 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.
SB756,46,15 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.
SB756,46,17 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.
SB756,46,19 18(5) For purposes of this section, the administrator and holder may extend any
19period of limitation by written agreement.
SB756,98 20Section 98. 177.07 of the statutes is repealed.
SB756,99 21Section 99 . Subchapter VII (title) of chapter 177 [precedes 177.0701] of the
22statutes is created to read:
SB756,46,2323 CHAPTER 177
SB756,46,2424 SUBCHAPTER VII
SB756,46,2525 Sale of property by administrator
SB756,100
1Section 100. 177.0701 of the statutes is created to read:
SB756,47,4 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.
SB756,47,7 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.
SB756,47,9 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:
SB756,47,1110 (a) At a public sale at a location in this state that the administrator determines
11to be the most favorable market for the property.
SB756,47,1212 (b) On the Internet.
SB756,47,1413 (c) On another forum that the administrator determines is likely to yield the
14highest net proceeds.
SB756,47,17 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.
SB756,47,21 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.
SB756,101 22Section 101. 177.0702 of the statutes is created to read:
SB756,47,25 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.
SB756,48,4
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.
SB756,102 5Section 102. 177.0703 of the statutes is created to read:
SB756,48,10 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.
SB756,103 11Section 103. 177.0704 of the statutes is created to read:
SB756,48,13 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.
SB756,48,16 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:
SB756,48,1717(a) An entity organized under section 501 (c) (19) of the Internal Revenue Code.
SB756,48,1818 (b) The agency that awarded the medal or decoration.
SB756,48,1919 (c) A governmental entity.
SB756,48,21 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).
SB756,104 22Section 104. 177.075 of the statutes is repealed.
SB756,105 23Section 105. 177.08 of the statutes is repealed.
SB756,106 24Section 106 . Subchapter VIII (title) of chapter 177 [precedes 177.0801] of the
25statutes is created to read:
SB756,49,1
1CHAPTER 177
SB756,49,22 SUBCHAPTER VIII
SB756,49,33 administration of property
SB756,107 4Section 107. 177.0801 of the statutes is created to read:
SB756,49,8 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.
SB756,49,12 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:
SB756,49,1313 (a) Expenses for the disposition of property delivered to the administrator.
SB756,49,1514 (b) Costs of mailing and publication in connection with property delivered to
15the administrator.
SB756,49,1616 (c) Reasonable service charges.
SB756,49,1817 (d) Expenses incurred in examining records of or collecting property from a
18putative holder or holder.
SB756,49,1919 (e) Any costs in connection with the sale of abandoned property.
SB756,49,2120 (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.
SB756,49,2322 (g) Salaries of the employees of the office of the state treasurer and the
23administrator that are attributable to the administration of this chapter.
SB756,108 24Section 108. 177.0802 of the statutes is created to read:
SB756,50,2
1177.0802 Administrator to retain records of property. The administrator
2shall do all of the following:
SB756,50,5 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.
SB756,50,8 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.
SB756,50,11 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.
SB756,50,13 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.
SB756,50,16 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.
SB756,109 17Section 109. 177.0803 of the statutes is created to read:
SB756,50,21 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.
SB756,110 22Section 110. 177.09 of the statutes is renumbered 177.0215.
SB756,111 23Section 111 . Subchapter IX (title) of chapter 177 [precedes 177.0901] of the
24statutes is created to read:
SB756,50,2525 CHAPTER 177
SB756,51,1
1SUBCHAPTER IX
SB756,51,22 Claim to recover property
SB756,51,33 from administrator
SB756,112 4Section 112. 177.0901 of the statutes is created to read:
SB756,51,9 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.
SB756,51,11 10(2) The administrator may enter into an agreement to transfer property to the
11other state under sub. (1).
SB756,113 12Section 113. 177.0902 of the statutes is created to read:
SB756,51,15 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:
SB756,51,2116 (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.
SB756,51,2522 (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.
SB756,52,4
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.
SB756,52,85 (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.
SB756,52,11 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.
SB756,52,16 12(3) The administrator shall make a decision regarding each claim under this
13section no later than 90 days after the claim is presented to the administrator. If the
14administrator determines that the other state is entitled under sub. (1) to custody
15of the property, the administrator shall allow the claim and pay or deliver the
16property to the other state.
SB756,52,19 17(4) The administrator may require another state, before recovering property
18under this section, to agree to indemnify this state and its agents, officers, and
19employees against any liability on a claim to the property.
SB756,114 20Section 114. 177.0903 of the statutes is created to read:
SB756,52,25 21177.0903 Claim for property by person claiming to be owner. (1) A
22person claiming to be the owner of property held under this chapter by the
23administrator may file a claim for the property on a form prescribed by the
24administrator. The claimant shall verify the claim as to its completeness and
25accuracy.
SB756,53,5
1(2) The administrator may waive the requirement under sub. (1) and may pay
2or deliver property directly to a person if the person receiving the property or
3payment is shown to be the apparent owner included on a report filed under s.
4177.0401 and the administrator reasonably believes the person is entitled to receive
5the property or payment.
SB756,53,8 6(3) If a claim is submitted by a locator service that enters into an agreement
7under subch. XIII, a copy of the agreement shall be filed with the claim, otherwise
8the administrator shall deny the claim.
SB756,53,11 9(4) The administrator may use state tax information to assist in identifying the
10owner of property that has been abandoned as provided under this chapter or in
11verifying a claim filed under this subchapter.
SB756,115 12Section 115. 177.0904 of the statutes is created to read:
SB756,53,16 13177.0904 When administrator must honor claim for property. (1) (a)
14The administrator shall pay or deliver property to a claimant under s. 177.0903 (1)
15if the administrator receives evidence sufficient to establish to the satisfaction of the
16administrator that the claimant is the owner of the property.
SB756,53,1817 (b) If a claim is made and allowed under subch. XIII, the administrator shall
18pay or deliver property to the apparent owner of the property.
SB756,53,23 19(2) Not later than 90 days after a claim is filed under s. 177.0903 (1), the
20administrator shall allow or deny the claim and give the claimant notice in a record
21of the decision. The administrator may refer any claim to the attorney general for
22an opinion. For each claim referred, the attorney general shall advise the
23administrator either to allow it or to deny it in whole or in part.
SB756,54,4 24(3) If the administrator denies a claim under sub. (2), the administrator shall
25inform the claimant of the reason for the denial and specify what additional evidence,

1if any, is required for the claim to be allowed. The claimant may file an amended
2claim with the administrator or commence an action under s. 177.0906. The
3administrator shall consider an amended complaint filed under this subsection as an
4initial claim.
SB756,54,6 5(4) If the administrator does not take action on a claim during the 90-day
6period following the filing of a claim under s. 177.0903 (1), the claim is denied.
SB756,116 7Section 116. 177.0905 of the statutes is created to read:
SB756,54,15 8177.0905 Allowance of claim for property. (1) Not later than 30 days after
9a claim is allowed under s. 177.0904 (2), the administrator shall pay or deliver the
10property to the owner or pay to the owner the net proceeds of a sale of the property,
11together with income or gain to which the owner is entitled under s. 177.0607. Upon
12request of the owner, the administrator may sell or liquidate a security and pay the
13net proceeds to the owner, even if the security has been held by the administrator for
14less than one year or the administrator has not complied with the notice
15requirements under s. 177.0702.
SB756,54,19 16(2) If the owner is a debtor under s. 71.93 or 71.935, before delivery or payment
17of property to an owner under sub. (1) or payment to the owner of net proceeds of a
18sale of the property, the administrator shall first setoff against the owner's debt
19under s. 71.93 or 71.935.
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