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AB325,19,20 19(8) Property that may distributed by a business association in the course of
20dissolution, one year after the property may be distributed.
AB325,19,23 21(9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39,
22property held by a court, including property received as proceeds of a class action,
23one year after the property may be distributed.
AB325,20,3 24(10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39,
25property held by a government or governmental subdivision, agency, or

1instrumentality, including municipal bond interest and unredeemed principal under
2the administration of a paying agent or indenture trustee, 5 years after the property
3may be distributed.
AB325,20,6 4(11) Wages, commissions, bonuses, or reimbursements to which an employee
5is entitled, or other compensation for personal services, other than amounts held in
6a payroll card, one year after the amount becomes payable.
AB325,20,8 7(12) A deposit or refund owed to a subscriber by a utility, one year after the
8deposit or refund becomes payable.
AB325,20,11 9(13) Property not specified in this section or ss. 177.0202 to 177.0209, the
10earlier of 5 years after the owner first has a right to demand the property or the date
11on which the obligation to pay or distribute the property arises.
AB325,53 12Section 53. 177.0202 of the statutes is created to read:
AB325,20,17 13177.0202 When tax-deferred retirement account presumed
14abandoned. (1)
Subject to s. 177.0210, property held in a pension account or
15retirement account that qualifies for federal income tax deferral under the U.S.
16income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3
17years after the later of:
AB325,20,1818 (a) The following dates:
AB325,20,2119 1. The date on which a 2nd consecutive communication sent by the holder by
201st class mail to the apparent owner is returned to the holder by the U.S. postal
21service as undeliverable.
AB325,20,2522 2. If the 2nd communication is sent later than 30 days after the date on which
23the first communication is returned to the holder by the U.S. postal service as
24undeliverable, the date on which the first communication was returned as
25undeliverable.
AB325,21,1
1(b) The earlier of the following dates:
AB325,21,42 1. The date on which the apparent owner reaches the minimum required
3distribution age, as specified under the Internal Revenue Code or by federal
4regulation, if that can be determined by the holder.
AB325,21,65 2. If distribution to avoid a tax penalty is required under the Internal Revenue
6Code, 2 years after the following:
AB325,21,87 a. The date on which the holder receives confirmation of the death of the
8apparent owner in the ordinary course of the holder's business.
AB325,21,109 b. The date on which the holder confirms the death of the apparent owner under
10sub. (2).
AB325,21,14 11(2) If a holder in the ordinary course of its business receives notice or an
12indication of the death of an apparent owner and sub. (1) (b) applies, the holder shall
13attempt not later than 90 days after receipt of the notice or indication to confirm
14whether the apparent owner is deceased.
AB325,21,20 15(3) If the holder does not send communications to the apparent owner of an
16account described in sub. (1) by 1st class mail, the holder shall attempt to confirm
17the apparent owner's interest in the property by sending the apparent owner e-mail
18not later than 2 years after the apparent owner's last indication of interest in the
19property, except that the holder shall promptly attempt to contact the apparent
20owner by 1st class mail if any of the following applies:
AB325,21,2321 (a) The holder does not have information needed to send the apparent owner
22e-mail or the holder believes that the apparent owner's e-mail address in the
23holder's records is not valid.
AB325,21,2424 (b) The holder receives notification that the e-mail was not received.
AB325,22,2
1(c) The apparent owner does not respond to the e-mail within 30 days from the
2date on which the e-mail was sent.
AB325,22,5 3(4) If 1st class mail sent under sub. (3) is returned to the holder by the U.S.
4postal service as undeliverable, the property is presumed abandoned on the date
5determined under sub. (1).
AB325,54 6Section 54. 177.0203 of the statutes is created to read:
AB325,22,13 7177.0203 When other tax-deferred account presumed abandoned.
8Subject to s. 177.0210, and except for property described under s. 177.0202 and
9property held in a plan described in section 529A of the Internal Revenue Code,
10property held in an account or plan, including a health savings account, that
11qualifies for federal income tax deferral under the Internal Revenue Code is
12presumed abandoned if it is unclaimed by the apparent owner 3 years after the
13earliest of the following:
AB325,22,16 14(1) The date specified under the Internal Revenue Code or by federal regulation
15by which the distribution of property must begin in order to avoid a penalty, if no such
16distribution has been made.
AB325,22,17 17(2) Thirty years after the date on which the account was opened.
AB325,55 18Section 55. 177.0204 of the statutes is created to read:
AB325,22,23 19177.0204 When custodial account for a minor presumed abandoned.
20(1)
Subject to s. 177.0210, property held in an account established under any state's
21uniform gifts to minors act or uniform transfers to minors act is presumed abandoned
22if it is unclaimed by or on behalf of the minor on whose behalf the account was opened
233 years after the later of the following:
AB325,23,224 (a) If the date on which the minor's custodian is required to transfer the
25property to the minor has passed, the date on which a 2nd consecutive

1communication sent by the holder by 1st class mail to the minor's custodian is
2returned to the holder by the U.S. postal service as undeliverable.
AB325,23,73 (b) If the date on which the minor's custodian is required to transfer the
4property to the minor has passed and if the 2nd communication is sent by the holder
5to the minor's custodian later than 30 days after the date on which the first
6communication is returned to the holder by the U.S. postal service as undeliverable,
7the date on which the first communication was returned as undeliverable.
AB325,23,108 (c) The date on which the minor's custodian is required to transfer the property
9to the minor or the minor's estate in accordance with the uniform gifts to minors act
10or uniform transfers to minors act of the state in which the account was opened.
AB325,23,16 11(2) If the holder does not send communications to the custodian by 1st class
12mail, as described in sub. (1), the holder shall attempt to confirm the custodian's
13interest in the property by sending the custodian e-mail not later than 2 years after
14the custodian's last indication of interest in the property, except that the holder shall
15promptly attempt to contact the custodian by 1st class mail if any of the following
16applies:
AB325,23,1917 (a) The holder does not have information needed to send the custodian e-mail
18or the holder believes that the custodian's e-mail address in the holder's records is
19not valid.
AB325,23,2020 (b) The holder receives notification that the e-mail was not received.
AB325,23,2221 (c) The custodian does not respond to the e-mail within 30 days from the date
22on which the e-mail was sent.
AB325,23,25 23(3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S.
24postal service as undeliverable, the property is presumed abandoned on the date
25determined under sub. (1).
AB325,24,2
1(4) The property in the account described under sub. (1) is not subject to this
2section after the property is transferred to the minor or the minor's estate.
AB325,56 3Section 56. 177.0205 of the statutes is created to read:
AB325,24,8 4177.0205 When contents of safe deposit box presumed abandoned.
5Tangible property held in a safe deposit box and proceeds from a sale of the property
6by the holder permitted by law of this state other than this chapter are presumed
7abandoned if the property remains unclaimed by the apparent owner 5 years after
8the earliest of the following:
AB325,24,9 9(1) The expiration of the lease or rental period for the box.
AB325,24,12 10(2) The earliest date when the lessor of the box is authorized by contract or law
11of this state other than this chapter to enter the box and remove or dispose of the
12contents without consent or authorization of the lessee.
AB325,57 13Section 57. 177.0207 of the statutes is created to read:
AB325,24,15 14177.0207 When security presumed abandoned. (1) Subject to s. 177.0210,
15a security is presumed to be abandoned 3 years after the following:
AB325,24,1816 (a) The date on which a 2nd consecutive communication sent by the holder by
171st class mail to the apparent owner is returned to the holder by the U.S. postal
18service as undeliverable.
AB325,24,2219 (b) If the 2nd communication is sent by the holder to the apparent owner later
20than 30 days after the date on which the first communication is returned to the
21holder by the U.S. postal service as undeliverable, the date on which the first
22communication was returned as undeliverable.
AB325,25,3 23(2) If the holder does not send communications to the apparent owner of the
24security by 1st class mail, as described in sub. (1), the holder shall attempt to confirm
25the apparent owner's interest in the security by sending the apparent owner e-mail

1not later than 2 years after the apparent owner's last indication of interest in the
2security, except that the holder shall promptly attempt to contact the apparent owner
3by 1st class mail if any of the following applies:
AB325,25,64 (a) The holder does not have information needed to send the apparent owner
5e-mail or the holder believes that the apparent owner's e-mail address in the
6holder's records is not valid.
AB325,25,77 (b) The holder receives notification that the e-mail was not received.
AB325,25,98 (c) The apparent owner does not respond to the e-mail within 30 days from the
9date on which the e-mail was sent.
AB325,25,12 10(3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S.
11postal service as undeliverable, the security is presumed abandoned 3 years after the
12date on which the mail is returned.
AB325,58 13Section 58. 177.0208 of the statutes is created to read:
AB325,25,17 14177.0208 When related property presumed abandoned. At and after the
15time property is presumed abandoned under this chapter, any property right or
16interest accrued or accruing from property presumed abandoned under this chapter
17is presumed abandoned.
AB325,59 18Section 59. 177.0210 of the statutes is created to read:
AB325,25,20 19177.0210 Indication of apparent owner interest in property. (1)
20Property is presumed abandoned from the earliest of the following:
AB325,25,2221 (a) The date on which the property is otherwise presumed abandoned under
22this subchapter.
AB325,25,2423 (b) The date on which the dormancy period has elapsed following the last
24indication of interest by the apparent owner in the property.
AB325,26,2
1(2) Under this chapter, an indication of an apparent owner's interest in
2property includes the following:
AB325,26,43 (a) A record communicated by the apparent owner to the holder or the holder's
4agent concerning the property or the account in which the property is held.
AB325,26,85 (b) An oral communication by the apparent owner to the holder or agent of the
6holder concerning the property or the account in which the property is held, if the
7holder or the holder's agent contemporaneously makes and preserves a record of the
8fact of the apparent owner's communication.
AB325,26,129 (c) Presentment of a check or other instrument of payment of a dividend,
10interest, or other distribution, or evidence of receipt of a distribution made by
11electronic or similar means, with respect to an account, underlying security, or
12interest in a business association.
AB325,26,1613 (d) Activity directed by an apparent owner in the account in which the property
14is held, including accessing the account or information concerning the account, or a
15direction by the apparent owner to increase, decrease, or otherwise change the
16amount or type of property held in the account.
AB325,26,1917 (e) A deposit into or withdrawal from an account at a financial organization,
18including an automatic deposit or withdrawal previously authorized by the apparent
19owner, other than an automatic reinvestment of dividends or interest.
AB325,26,2020 (f) Subject to sub. (5), payment of a premium on an insurance policy.
AB325,26,2221 (g) Any other action by the apparent owner that reasonably demonstrates to
22the holder that the apparent owner knows that the property exists.
AB325,26,25 23(3) An action by an agent or other representative of an apparent owner, other
24than the holder acting as the apparent owner's agent, is presumed to be an action on
25behalf of the apparent owner.
AB325,27,4
1(4) A communication with an apparent owner by a person other than the holder
2or the holder's representative is not an indication of interest in the property by the
3apparent owner unless a record of the communication evidences the apparent
4owner's knowledge of a right to the property.
AB325,27,9 5(5) If an insured person dies or the insured or beneficiary of an insurance policy
6otherwise becomes entitled to the proceeds before depletion of the cash surrender
7value of the policy by operation of an automatic-premium-loan provision or other
8nonforfeiture provision contained in the policy, the operation does not prevent the
9policy from maturing or terminating for purposes of this chapter.
AB325,60 10Section 60. 177.0211 of the statutes is created to read:
AB325,27,15 11177.0211 Knowledge of death of insured or annuitant. (1) In this section,
12“death master file” means the federal social security administration death master
13file or other database or service that is at least as comprehensive as the federal social
14security administration death master file for determining that a person has
15reportedly died.
AB325,27,19 16(2) With respect to a life or endowment insurance policy or annuity contract
17for which an amount is owed on proof of death, but which has not matured by proof
18of death of the insured or annuitant, the insurance company has knowledge of the
19death of an insured or annuitant when any of the following occurs:
AB325,27,2120 (a) The insurance company receives a death certificate or court order
21determining that the insured or annuitant has died.
AB325,27,2522 (b) The insurance company or other person validates the death of the insured
23or annuitant by its performance of due diligence, as required under ch. 632 or other
24law, to maintain contact with the insured or annuitant to determine whether the
25insured or annuitant has died.
AB325,28,4
1(c) The insurance company compares for any purpose a death master file with
2the names of some or all of the company's insureds or annuitants, finds a match that
3provides notice that the insured or annuitant has died, and the company validates
4the death.
AB325,28,85 (d) The insurance company receives notice of the death of the insured or
6annuitant from a beneficiary, policy owner, relative, or trustee, or from the personal
7or legal representative of the insured's or annuitant's estate and the company
8validates the death.
AB325,28,10 9(3) The following applies to validating the death of the insured or annuitant
10under this section:
AB325,28,1311 (a) A death master file match occurs if the criteria for an exact or partial match
12is satisfied as provided by a law of this state other than this chapter or by a rule
13promulgated or policy adopted by the office of the commissioner of insurance.
AB325,28,1714 (b) A death master file match does not constitute proof of death for the purpose
15of submission to an insurance company of a claim by a beneficiary, annuitant, or
16owner of the policy or contract for an amount due under an insurance policy or
17annuity contract.
AB325,28,2118 (c) The death master file match or validation of the insured's or annuitant's
19death does not alter the requirements for a beneficiary, annuitant, or owner of the
20policy or contract to make a claim to receive proceeds under the terms of the policy
21or contract.
AB325,29,222 (d) If no provision in a law of this state or a rule promulgated or policy adopted
23by the office of the commissioner of insurance establishes a time for validation of a
24death of an insured or annuitant, the insurance company shall make a good faith
25effort using other available records and information to validate the death, and

1document the effort taken for such validation, not later than 90 days after the
2insurance company has notice of the death.
AB325,29,8 3(4) This chapter does not affect the determination of the extent to which an
4insurance company before the effective date of this subsection .... [LRB inserts date],
5had knowledge of the death of an insured or annuitant or was required to conduct
6a death master file comparison to determine whether amounts owed by the company
7on a life or endowment insurance policy or annuity contract were presumed
8abandoned or unclaimed.
AB325,61 9Section 61. 177.0212 of the statutes is created to read:
AB325,29,18 10177.0212 Deposit account for proceeds of insurance policy or annuity
11contract.
If proceeds payable under a life or endowment insurance policy or annuity
12contract are deposited into an account with check or draft writing privileges for the
13beneficiary of the policy or contract and, under a supplementary contract not
14involving annuity benefits other than death benefits, the proceeds are retained by
15the insurance company or the financial organization where the account is held and
16the policy or contract includes the assets in the account, the assets in the account are
17subject to the same presumption of abandonment that is applied to the underlying
18policy or contract.
AB325,62 19Section 62. 177.0214 of the statutes is created to read:
AB325,29,22 20177.0214 Distributions by certain insurance company activities. (1)
21Subject to s. 177.0210, property distributable in the course of a demutualization of
22an insurance company is presumed abandoned.
AB325,29,25 23(2) Subject to s. 177.0210, property distributable in the course of the dissolution
24of the Health Insurance Risk-Sharing Plan under 2013 Wisconsin Act 20, section
259122 (1L), and 2013 Wisconsin Act 116, section 32 (1) (b), is presumed abandoned.
AB325,63
1Section 63. 177.03 of the statutes is repealed.
AB325,64 2Section 64 . Subchapter III (title) of chapter 177 [precedes 177.0301] of the
3statutes is created to read:
AB325,30,44 CHAPTER 177
AB325,30,55 SUBCHAPTER III
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