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AB325,50,15 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.
AB325,106 16Section 106. 177.0703 of the statutes is created to read:
AB325,50,21 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.
AB325,107 22Section 107. 177.0704 of the statutes is created to read:
AB325,50,24 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.
AB325,51,3
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.
AB325,51,55 (b) The agency that awarded the medal or decoration.
AB325,51,66 (c) A governmental entity.
AB325,51,8 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).
AB325,108 9Section 108. 177.075 of the statutes is repealed.
AB325,109 10Section 109. 177.08 of the statutes is repealed.
AB325,110 11Section 110 . Subchapter VIII (title) of chapter 177 [precedes 177.0801] of the
12statutes is created to read:
AB325,51,1313 CHAPTER 177
AB325,51,1414 SUBCHAPTER VIII
AB325,51,1515 administration of property
AB325,111 16Section 111. 177.0801 of the statutes is created to read:
AB325,51,20 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.
AB325,51,24 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:
AB325,51,2525 (a) Expenses for the disposition of property delivered to the administrator.
AB325,52,2
1(b) Costs of mailing and publication in connection with property delivered to
2the administrator.
AB325,52,33 (c) Reasonable service charges.
AB325,52,54 (d) Expenses incurred in examining records of or collecting property from a
5putative holder or holder.
AB325,52,66 (e) Any costs in connection with the sale of abandoned property.
AB325,52,87 (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.
AB325,52,109 (g) Salaries of the employees of the office of the state treasurer and the
10administrator that are attributable to the administration of this chapter.
AB325,52,1111 (h) Any costs in connection with the payment of interest under s. 177.0607.
AB325,112 12Section 112. 177.0802 of the statutes is created to read:
AB325,52,14 13177.0802 Administrator to retain records of property. The administrator
14shall do all of the following:
AB325,52,17 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.
AB325,52,20 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.
AB325,52,23 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.
AB325,52,25 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.
AB325,53,3
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.
AB325,113 4Section 113. 177.09 of the statutes is renumbered 177.0215.
AB325,114 5Section 114 . Subchapter IX (title) of chapter 177 [precedes 177.0901] of the
6statutes is created to read:
AB325,53,77 CHAPTER 177
AB325,53,88 SUBCHAPTER IX
AB325,53,99 Claim to recover property
AB325,53,1010 from administrator
AB325,115 11Section 115. 177.0901 of the statutes is created to read:
AB325,53,16 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.
AB325,53,18 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:
AB325,53,22 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:
AB325,54,323 (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.
AB325,54,74 (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.
AB325,54,118 (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.
AB325,54,1512 (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.
AB325,54,18 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.
AB325,54,23 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.
AB325,55,3
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:
AB325,55,9 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.
AB325,55,14 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.
AB325,55,17 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.
AB325,55,20 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:
AB325,55,25 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.
AB325,56,2
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.
AB325,56,7 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.
AB325,56,13 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.
AB325,56,15 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:
AB325,56,24 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.
AB325,57,4
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.
AB325,57,6 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:
AB325,57,13 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.
AB325,57,16 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.
AB325,121 17Section 121. 177.10 of the statutes is repealed.
AB325,122 18Section 122 . Subchapter X (title) of chapter 177 [precedes 177.1001] of the
19statutes is created to read:
AB325,57,2020 CHAPTER 177
AB325,57,2121 SUBCHAPTER X
AB325,57,2222 requests for reports;
AB325,57,2323 examination of records
AB325,123 24Section 123. 177.1001 of the statutes is created to read:
AB325,58,5
1177.1001 Verified report of property. If a person does not file a report
2required under s. 177.0401 or the administrator believes that a person may have
3filed an inaccurate, incomplete, or false report, the administrator may require the
4person to file a verified report in a form prescribed by the administrator. A verified
5report shall include all of the following:
AB325,58,7 6(1) A statement as to whether the person is holding property that is reportable
7under this chapter.
AB325,58,9 8(2) A description of the property not previously reported or about which the
9administrator has inquired.
AB325,58,11 10(3) A specific identification of property described under sub. (2) about which
11there is a dispute whether it is reportable under this chapter.
AB325,58,12 12(4) The amount or value of the property.
AB325,124 13Section 124. 177.1002 (3) of the statutes is created to read:
AB325,58,1714 177.1002 (3) The administrator may at reasonable times and on reasonable
15notice issue an administrative subpoena requiring the person or agent of the person
16to make records available for examination. The attorney general may bring an action
17seeking judicial enforcement of a subpoena issued under this subsection.
AB325,125 18Section 125. 177.1002 (4) of the statutes is created to read:
AB325,58,2219 177.1002 (4) If any person fails to file any report or refuses to deliver property
20to the administrator as required under this chapter, the administrator may bring an
21action in a court of appropriate jurisdiction to require the filing of the report and to
22enforce delivery of the property.
AB325,126 23Section 126. 177.1003 of the statutes is created to read:
AB325,59,3
1177.1003 Records obtained in examination. Records obtained and records,
2including work papers, compiled by the administrator in the course of conducting an
3examination under s. 177.1002:
AB325,59,5 4(1) Are subject to the confidentiality and security provisions of subch. XIV and
5are not public records for purposes of subch. II of ch. 19.
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