This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
SB370,12,2321 177.01 (12) (intro.) “Owner" means a person having a legal, beneficial, or
22equitable interest in property subject to this chapter or the person's legal
23representative acting on the person's behalf. “Owner” includes the following:
SB370,12,24 24(a) A depositor in the case of , for a deposit, a .
SB370,12,25 25(b) A beneficiary in the case of , for a trust other than a deposit in trust, a .
SB370,13,3
1(c) A creditor, claimant, or payee in the case of, for other intangible property,
2or a person having a legal or equitable interest in property subject to this chapter or
3his or her legal representative
.
SB370,35 4Section 35. 177.01 (12) (d) of the statutes is created to read:
SB370,13,65 177.01 (12) (d) The lawful bearer of a record that may be used to obtain money,
6a reward, or a thing of value.
SB370,36 7Section 36. 177.01 (12d) of the statutes is created to read:
SB370,13,98 177.01 (12d) “Payroll card” means a record that evidences a payroll-card
9account as defined in Regulation E, 12 CFR Part 1005, as amended.
SB370,37 10Section 37. 177.01 (13) of the statutes is amended to read:
SB370,13,1411 177.01 (13) “Person" means an individual, business association, state or other
12government, governmental subdivision, instrumentality, or agency, public
13corporation, public authority, estate, trust, 2 or more persons having a joint or
14common interest,
or any other legal or commercial entity.
SB370,38 15Section 38. 177.01 (13b) of the statutes is created to read:
SB370,13,1916 177.01 (13b) (a) “Property” means tangible property described in s. 177.0205
17or a fixed and certain interest in intangible property held, issued, or owed in the
18course of a holder's business or by a government, governmental subdivision, agency,
19or instrumentality.
SB370,13,2020 (b) “Property” includes all of the following:
SB370,13,2121 1. All income from or increments to the property.
SB370,13,2222 2. Property referred to as or evidenced by:
SB370,13,2323 a. Money, virtual currency, or interest.
SB370,13,2424 b. A dividend, check, draft, deposit, or payroll card.
SB370,14,3
1c. A credit balance, customer overpayment, security deposit, refund, credit
2memorandum, unpaid wage, unused ticket for which the issuer has an obligation to
3provide a refund, mineral proceeds, or unidentified remittance.
SB370,14,74 d. A security, except for a worthless security or a security that is subject to a
5lien, legal hold, or restriction evidenced on the records of the holder or imposed by
6operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's
7ability to receive, transfer, sell, or otherwise negotiate the security.
SB370,14,88 e. A bond, debenture, note, or other evidence of indebtedness.
SB370,14,99 f. Money deposited to redeem a security, make a distribution, or pay a dividend.
SB370,14,1010 g. An amount due and payable under an annuity contract or insurance policy.
SB370,14,1411 h. An amount distributable from a trust or custodial fund established under a
12plan to provide health, welfare, pension, vacation, severance, retirement, death,
13stock purchase, profit-sharing, employee-savings, supplemental-unemployment
14insurance, or a similar benefit.
SB370,14,1515 (c) “Property” does not include the following:
SB370,14,17161. Property held in a plan described in section 529A of the Internal Revenue
17Code.
SB370,14,1818 2. Game-related digital content.
SB370,14,1919 3. A loyalty card.
SB370,14,2020 4. An in-store credit for returned merchandise.
SB370,14,2121 5. A gift card.
SB370,14,2222 6. A stored-value card.
SB370,14,2323 7. Property described under s. 177.015 (2).
SB370,39 24Section 39. 177.01 (13d) of the statutes is created to read:
SB370,15,4
1177.01 (13d) “Putative holder” means a person believed by the administrator
2to be a holder, until the person pays or delivers to the administrator property subject
3to this chapter or the administrator or a court makes a final determination that the
4person is or is not a holder.
SB370,40 5Section 40. 177.01 (13f) of the statutes is created to read:
SB370,15,86 177.01 (13f) “Record” means information that is inscribed on a tangible
7medium or that is stored in an electronic or other medium and is retrievable in
8perceivable form.
SB370,41 9Section 41. 177.01 (13h) of the statutes is created to read:
SB370,15,1010 177.01 (13h) “Security” means all of the following:
SB370,15,1111 (a) A security, as defined in s. 408.102 (1) (o).
SB370,15,1412 (b) A security entitlement, as defined in s. 408.102 (1) (q), including a customer
13security account held by a registered broker-dealer, to the extent the financial assets
14held in the security account are not any of the following:
SB370,15,1615 1. Registered on the books of the issuer in the name of the person for which the
16broker-dealer holds the assets.
SB370,15,1717 2. Payable to the order of the person.
SB370,15,1818 3. Specifically endorsed to the person.
SB370,15,2019 (c) An equity interest in a business association that is not a security under par.
20(a) or a security entitlement under par. (b).
SB370,42 21Section 42. 177.01 (13j) of the statutes is created to read:
SB370,15,2322 177.01 (13j) “Sign” means any of the following done with the intent to
23authenticate or adopt a record:
SB370,15,2424 (a) To execute or adopt a tangible symbol.
SB370,16,2
1(b) To attach to or logically associate with the record an electronic symbol,
2sound, or process.
SB370,43 3Section 43. 177.01 (14d) of the statutes is created to read:
SB370,16,74 177.01 (14d) (a) “Stored-value card” means a record evidencing a promise for
5consideration by the seller or issuer of the record that merchandise, goods, services,
6or money will be provided to the owner of the record equal to the value or amount
7shown in the record, if all of the following apply:
SB370,16,88 1. The value or amount does not expire.
SB370,16,109 2. The value or amount may be decreased only by redemption for merchandise,
10goods, services, or money.
SB370,16,1211 3. The value or amount may be redeemed for or converted into money or
12otherwise monetized by the issuer.
SB370,16,1313 (b) “Stored-value card” includes the following:
SB370,16,1714 1. A record that contains or consists of a microprocessor chip, magnetic strip,
15or other means for the storage of information, that is prefunded and the value or
16amount of which is decreased on each use and increased by payment of additional
17consideration.
SB370,16,19182. A prepaid commercial mobile radio service, as defined in 47 CFR 20.3, as
19amended.
SB370,16,2020 (c) “Stored-value card” does not include the following:
SB370,16,2121 1. A payroll card.
SB370,16,2222 2. A loyalty card.
SB370,16,2323 3. A gift card.
SB370,16,2424 4. Game-related digital content.
SB370,44 25Section 44. 177.01 (15) of the statutes is amended to read:
SB370,17,5
1177.01 (15) “Utility" means a person who that owns or operates for public use
2any plant, equipment, real property, franchise , or license for the transmission of
3communications or; the production, storage, transmission, sale, delivery, or
4furnishing of electricity, water, steam, or gas ; the provision of sewage or septic
5services; or the disposal or recycling of trash or garbage
.
SB370,45 6Section 45. 177.01 (16) of the statutes is created to read:
SB370,17,97 177.01 (16) “Virtual currency” means a digital representation of value used as
8a medium of exchange, unit of account, or store of value that does not have legal
9tender status recognized by the United States. “Virtual currency" does not include:
SB370,17,1110 (a) The software or protocols governing the transfer of the digital
11representation of value.
SB370,17,1212 (b) Game-related digital content.
SB370,17,1313 (c) A loyalty card.
SB370,17,1414 (d) A gift card.
SB370,46 15Section 46. 177.01 (17) of the statutes is created to read:
SB370,17,1816 177.01 (17) “Worthless security” means a security for which the cost of
17liquidation and delivery to the administrator exceeds the value of the security on the
18date on which a report is due under this chapter.
SB370,47 19Section 47. 177.015 (title) of the statutes is amended to read:
SB370,17,21 20177.015 (title) Exemption Inapplicability to foreign transactions and
21other exemptions
.
SB370,48 22Section 48. 177.015 of the statutes is renumbered 177.015 (1).
SB370,49 23Section 49. 177.015 (2) of the statutes is created to read:
SB370,17,2424 177.015 (2) This chapter does not apply to any of the following:
SB370,18,2
1(a) Property held, due, and owing in a foreign country if the transaction out of
2which the property arose was a foreign transaction.
SB370,18,43 (b) Any payment or credit shown on the books and records of a business
4association owed to another business association in the ordinary course of business.
SB370,18,55 (c) Property described in s. 20.912 (1).
SB370,50 6Section 50. 177.02 of the statutes is repealed.
SB370,51 7Section 51 . Subchapter II (title) of chapter 177 [precedes 177.0201] of the
8statutes is created to read:
SB370,18,99 CHAPTER 177
SB370,18,1010 SUBCHAPTER ii
SB370,18,1111 presumption of abandonment
SB370,52 12Section 52. 177.0201 of the statutes is created to read:
SB370,18,15 13177.0201 When property presumed abandoned. Subject to s. 177.0210,
14the following property is presumed abandoned if it is unclaimed by the apparent
15owner during the period specified below:
SB370,18,16 16(1) A traveler's check, 15 years after issuance.
SB370,18,17 17(2) A money order or similar instrument, 5 years after issuance.
SB370,18,20 18(3) A state or municipal bond, bearer bond, or original-issue-discount bond,
193 years after the earliest of the date the bond matures or is called or the obligation
20to pay the principal of the bond arises.
SB370,18,22 21(4) A debt of a business association owed to an individual, 3 years after the
22obligation to pay arises.
Loading...
Loading...