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SUBCHAPTER VII
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Sale of property by administrator
AB325,104
11Section
104. 177.0701 of the statutes is created to read:
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12177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and
13177.1504, the administrator shall sell abandoned property within 3 years after
14receiving the property.
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15(2) Before selling property under sub. (1), the administrator shall give notice
16to the public of the date of the sale and include with the notice a reasonable
17description of the property.
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18(3) Except as provided under sub. (4), a sale under sub. (1) shall be to the
19highest bidder by any of the following means:
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(a) At a public sale at a location in this state that the administrator determines
21to be the most favorable market for the property.
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(b) On the Internet.
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(c) On another forum that the administrator determines is likely to yield the
24highest net proceeds.
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1(4) The administrator may decline the highest bid at a sale under this section
2and re-offer the property for sale if the administrator determines the highest bid is
3insufficient.
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4(5) If a sale held under this section is to be conducted other than on the Internet,
5the administrator shall publish at least one notice of the sale, at least 3 weeks, but
6not more than 5 weeks before the sale, in a newspaper of general circulation in the
7county in which the property is sold.
AB325,105
8Section
105. 177.0702 of the statutes is created to read:
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9177.0702 Disposal of securities. (1) Unless the administrator determines
10that it is in the best interest of this state to do otherwise, the administrator shall hold
11all securities for at least one year before selling them.
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12(2) The administrator may not sell a security listed on an established stock
13exchange for less than the price prevailing on the exchange at the time of sale. The
14administrator may sell a security not listed on an established exchange by any
15commercially-reasonable method.
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16Section
106. 177.0703 of the statutes is created to read:
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17177.0703 Purchaser owns property after sale. A purchaser of property at
18a sale conducted by the administrator under this chapter takes the property free of
19all claims of the owner, a previous holder, a creditor, or a person claiming an interest
20through the owner or holder. The administrator shall execute documents necessary
21to complete the transfer of ownership to the purchaser.
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22Section
107. 177.0704 of the statutes is created to read:
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23177.0704 Military medal or decoration. (1) The administrator may not sell
24a medal or decoration awarded for service in the U.S. armed forces.
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1(2) The administrator may deliver a medal or decoration as described under
2sub. (1) to any of the following entities, with the entity's consent, to hold in custody
3for the owner:
AB325,51,44(a) An entity organized under section
501 (c) (19) of the Internal Revenue Code.
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(b) The agency that awarded the medal or decoration.
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(c) A governmental entity.
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7(3) The administrator is not responsible for the safekeeping of a medal or
8decoration after it is delivered to an entity under sub. (2).
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9Section
108. 177.075 of the statutes is repealed.
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10Section
109. 177.08 of the statutes is repealed.
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11Section 110
. Subchapter VIII (title) of chapter 177 [precedes 177.0801] of the
12statutes is created to read:
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CHAPTER 177
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SUBCHAPTER VIII
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administration of property
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16Section
111. 177.0801 of the statutes is created to read:
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17177.0801 Deposit of funds by administrator. (1) Except as provided in sub.
18(2), the administrator shall deposit in the common school fund all funds received
19under this chapter, including proceeds from the sale of property under subch. VII and
20amounts received from the redemption of U.S. savings bonds under s. 177.1504.
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21(2) The administrator shall deposit in the general fund an amount that the
22administrator reasonably estimates is sufficient to pay claims allowed under this
23chapter and administrative expenses. For purposes of this subsection,
24“administrative expenses” means any of the following:
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(a) Expenses for the disposition of property delivered to the administrator.
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1(b) Costs of mailing and publication in connection with property delivered to
2the administrator.
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(c) Reasonable service charges.
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(d) Expenses incurred in examining records of or collecting property from a
5putative holder or holder.
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(e) Any costs in connection with the sale of abandoned property.
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(f) Any costs in connection with the action under s. 177.0907 and the
8redemption of a U.S. savings bond under s. 177.0907.
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(g) Salaries of the employees of the office of the state treasurer and the
10administrator that are attributable to the administration of this chapter.
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(h) Any costs in connection with the payment of interest under s. 177.0607.
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12Section
112. 177.0802 of the statutes is created to read:
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13177.0802 Administrator to retain records of property. The administrator
14shall do all of the following:
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15(1) Record the name, last-known address, social security number or taxpayer
16identification number, and date of birth of each person shown on a report filed under
17s. 177.0401 to be the apparent owner of property delivered to the administrator.
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18(2) Record the name, last-known address, social security number or taxpayer
19identification number, and date of birth of each insured or annuitant and beneficiary
20shown on the report.
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21(3) For each policy of insurance or annuity contract listed in the report of an
22insurance company, record the policy or account number, the name of the company,
23and the amount due or paid.
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24(4) For each apparent owner listed in the report, record the name of the holder
25that filed the report and the amount due or paid.
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1(5) For each U.S. savings bond, record the name and last-known address of
2each owner of the U.S. savings bond and the issue date, face amount, and serial
3number of the U.S. savings bond.
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4Section
113. 177.09 of the statutes is renumbered 177.0215.
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5Section 114
. Subchapter
IX (title) of chapter 177 [precedes 177.0901] of the
6statutes is created to read:
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SUBCHAPTER IX
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Claim to recover property
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from administrator
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11Section
115. 177.0901 of the statutes is created to read:
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12177.0901 Claim of another state to recover property. (1) If the
13administrator knows that property held by the administrator under this chapter is
14subject to a superior claim of another state, the administrator shall report and pay
15or deliver the property to the other state or return the property to the holder so that
16the holder may pay or deliver the property to the other state.
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17(2) The administrator may enter into an agreement to transfer property to the
18other state under sub. (1).
AB325,116
19Section
116. 177.0902 of the statutes is created to read:
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20177.0902 When property subject to recovery by another state. (1)
21Property held under this chapter by the administrator is subject to the right of
22another state to take custody of the property if any of the following applies:
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(a) The property was paid or delivered to the administrator because the records
24of the holder did not reflect a last-known address in the other state of the apparent
25owner and the other state establishes that the last-known address of the apparent
1owner or other person entitled to the property was in the other state or, under the
2law of the other state, the property has become subject to a claim by the other state
3of abandonment.
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(b) The records of the holder did not accurately identify the owner of the
5property, the last-known address of the owner was in another state, and, under the
6law of the other state, the property has become subject to a claim by the other state
7of abandonment.
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(c) The property was subject to the custody of the administrator of this state
9under s. 177.0305 and, under the law of the state of domicile of the holder, the
10property has become subject to a claim by the state of domicile of the holder of
11abandonment.
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(d) The property is a sum payable on a traveler's check, money order, or similar
13instrument that was purchased in the other state and delivered to the administrator
14under s. 177.0306 and, under the law of the other state, has become subject to a claim
15by the other state of abandonment.
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16(2) A claim by another state to recover property under this section must be
17presented in a form prescribed by the administrator, unless the administrator
18waives presentation of the form.
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19(3) The administrator shall make a decision regarding each claim under this
20section no later than 90 days after the claim is presented to the administrator. If the
21administrator determines that the other state is entitled under sub. (1) to custody
22of the property, the administrator shall allow the claim and pay or deliver the
23property to the other state.
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1(4) The administrator may require another state, before recovering property
2under this section, to agree to indemnify this state and its agents, officers, and
3employees against any liability on a claim to the property.
AB325,117
4Section
117. 177.0903 of the statutes is created to read:
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5177.0903 Claim for property by person claiming to be owner. (1) A
6person claiming to be the owner of property held under this chapter by the
7administrator may file a claim for the property on a form prescribed by the
8administrator. The claimant shall verify the claim as to its completeness and
9accuracy.
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10(2) The administrator may waive the requirement under sub. (1) and may pay
11or deliver property directly to a person if the person receiving the property or
12payment is shown to be the apparent owner included on a report filed under s.
13177.0401 and the administrator reasonably believes the person is entitled to receive
14the property or payment.
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15(3) If a claim is submitted by a locator service that enters into an agreement
16under subch. XIII, a copy of the agreement shall be filed with the claim, otherwise
17the administrator shall deny the claim.
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18(4) The administrator may use state tax information to assist in identifying the
19owner of property that has been abandoned as provided under this chapter or in
20verifying a claim filed under this subchapter.
AB325,118
21Section
118. 177.0904 of the statutes is created to read:
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22177.0904 When administrator must honor claim for property. (1) (a)
23The administrator shall pay or deliver property to a claimant under s. 177.0903 (1)
24if the administrator receives evidence sufficient to establish to the satisfaction of the
25administrator that the claimant is the owner of the property.
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1(b) If a claim is made and allowed under subch. XIII, the administrator shall
2pay or deliver property to the apparent owner of the property.
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3(2) Not later than 90 days after a claim is filed under s. 177.0903 (1), the
4administrator shall allow or deny the claim and give the claimant notice in a record
5of the decision. The administrator may refer any claim to the attorney general for
6an opinion. For each claim referred, the attorney general shall advise the
7administrator either to allow it or to deny it in whole or in part.
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8(3) If the administrator denies a claim under sub. (2), the administrator shall
9inform the claimant of the reason for the denial and specify what additional evidence,
10if any, is required for the claim to be allowed. The claimant may file an amended
11claim with the administrator or commence an action under s. 177.0906. The
12administrator shall consider an amended complaint filed under this subsection as an
13initial claim.
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14(4) If the administrator does not take action on a claim during the 90-day
15period following the filing of a claim under s. 177.0903 (1), the claim is denied.
AB325,119
16Section
119. 177.0905 of the statutes is created to read:
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17177.0905 Allowance of claim for property. (1) Not later than 30 days after
18a claim is allowed under s. 177.0904 (2), the administrator shall pay or deliver the
19property to the owner or pay to the owner the net proceeds of a sale of the property,
20together with interest, income, or gain to which the owner is entitled under s.
21177.0607. Upon request of the owner, the administrator may sell or liquidate a
22security and pay the net proceeds to the owner, even if the security has been held by
23the administrator for less than one year or the administrator has not complied with
24the notice requirements under s. 177.0503.
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1(2) If the owner is a debtor under s. 71.93 or 71.935, before delivery or payment
2of property to an owner under sub. (1) or payment to the owner of net proceeds of a
3sale of the property, the administrator shall first setoff against the owner's debt
4under s. 71.93 or 71.935.
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5(3) Any property paid or delivered to a person under this subchapter is subject
6to recovery by the administrator as provided in s. 177.1206.
AB325,120
7Section
120. 177.0906 of the statutes is created to read:
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8177.0906 Action by person whose claim is denied. (1) A person aggrieved
9by a claim denial of the administrator or whose claim has not been acted upon within
1090 days after its filing may petition for judicial review of the decision or of the claim
11under s. 227.52, notwithstanding s. 227.52 (1), except that petitions for review shall
12be served and filed within 90 days after the claim denial or within 180 days after the
13filing of the claim if the administrator has failed to act on it.
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14(2) If the person aggrieved establishes a claim under sub. (1) and is a debtor
15under s. 71.93 or 71.935, the administrator shall first setoff against the person's debt
16under s. 71.93 or 71.935 before delivery or payment of the property to the owner.
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17Section
121. 177.10 of the statutes is repealed.
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18Section 122
. Subchapter
X (title) of chapter 177 [precedes 177.1001] of the
19statutes is created to read:
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CHAPTER 177
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SUBCHAPTER X
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requests for reports;