Chapter 177

177.01(16)(d) (d) A gift card.

177.01(16)(e) (e) A financial organization loyalty card.

177.01(17) (17) “Worthless security” means a security for which the cost of liquidation and delivery to the administrator exceeds the value of the security on the date on which a report is due under this chapter.

177.01 History History: 1983 a. 408; 1991 a. 221; 1993 a. 112; 1999 a. 9; 2001 a. 109; 2013 a. 20; 2015 a. 309; 2021 a. 87; 2021 a. 240 s. 30; 2023 a. 138.

177.01 Annotation Uncashed worker’s compensation benefits checks in uncontested cases are “intangible property” subject to reporting and delivery under this chapter. Discussing the applicable statute of limitations. Employers Insurance of Wausau v. Smith, 154 Wis. 2d 199, 453 N.W.2d 856 (1990).

177.015 177.015 Inapplicability to foreign transactions and other exemptions.

177.015(1) (1) Notwithstanding this chapter, a cooperative organized under ch. 185 or 193 may effect the forfeiture to the cooperative of unclaimed funds as provided in ss. 185.03 (10), 185.75 (1), 193.301 (14), and 193.905 (4).

177.015(2) (2) This chapter does not apply to any of the following:

177.015(2)(a) (a) Property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction.

177.015(2)(b) (b) Any payment or credit shown on the books and records of a business association owed to another business association in the ordinary course of business.

177.015(2)(c) (c) Property described in s. 20.912 (1).

177.015 History History: 1985 a. 30, 332; 2005 a. 441; 2021 a. 87.

177.016 177.016 Rules. The administrator may adopt any rules necessary to administer this chapter.

177.016 History History: 1983 a. 408; 2021 a. 87 s. 186; Stats. 2021 s. 177.016.

subch. II of ch. 177 SUBCHAPTER II

PRESUMPTION OF ABANDONMENT

177.0201 177.0201 When property presumed abandoned. Subject to s. 177.0210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below:

177.0201(1) (1) A traveler’s check, 15 years after issuance.

177.0201(2) (2) A money order or similar instrument, 5 years after issuance.

177.0201(3) (3) A state or municipal bond, bearer bond, or original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises.

177.0201(4) (4) A debt of a business association owed to an individual, 3 years after the obligation to pay arises.

177.0201(5) (5) A payroll card or demand, savings, or time deposit, including a deposit that is automatically renewable, 5 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner, except a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal.

177.0201(6) (6) Money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, 5 years after the obligation arises.

177.0201(7) (7) An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arises under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:

177.0201(7)(a) (a) With respect to an amount owed on a life or endowment insurance policy, 3 years after the earliest of the date on which the insurance company has knowledge of the death of the insured or the date on which the insured attained, or would have attained if living, the limiting age under the mortality table that forms the basis of the reserve for the policy.

177.0201(7)(b) (b) With respect to an amount owed on an annuity contract, 3 years after the date on which the insurance company has knowledge of the death of the annuitant.

177.0201(8) (8) Property that may be distributed by a business association in the course of dissolution, one year after the property may be distributed.

177.0201(9) (9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39, property held by a court, including property received as proceeds of a class action, one year after the property may be distributed.

177.0201(10) (10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39, property held by a government or governmental subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, 5 years after the property may be distributed.

177.0201(11) (11) Wages, commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, other than amounts held in a payroll card, one year after the amount becomes payable.

177.0201(12) (12) A deposit or refund owed to a subscriber by a utility, one year after the deposit or refund becomes payable.

177.0201(13) (13) Property not specified in this section or ss. 177.0202 to 177.0209, the earlier of 5 years after the owner first has a right to demand the property or the date on which the obligation to pay or distribute the property arises.

177.0201 History History: 2021 a. 87; 2021 a. 240 s. 30.

177.0202 177.0202 When tax-deferred and tax-exempt retirement accounts presumed abandoned.

177.0202(1) (1) Subject to s. 177.0210, property held in a pension account or retirement account that qualifies for federal income tax deferral or tax exemption under the U.S. income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3 years after the later of:

177.0202(1)(a) (a) The following dates:

177.0202(1)(a)1. 1. The date on which a 2nd consecutive communication sent by the holder by 1st class mail to the apparent owner is returned to the holder by the U.S. postal service as undeliverable.

177.0202(1)(a)2. 2. If the 2nd communication is sent later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable.

177.0202(1)(b) (b) The earlier of the following dates:

177.0202(1)(b)1. 1. The date on which the apparent owner reaches the minimum required distribution age, as specified under the Internal Revenue Code or by federal regulation, if that can be determined by the holder.

177.0202(1)(b)2. 2. If distribution to avoid a tax penalty is required under the Internal Revenue Code, 2 years after the following:

177.0202(1)(b)2.a. a. The date on which the holder receives confirmation of the death of the apparent owner in the ordinary course of the holder’s business.

177.0202(1)(b)2.b. b. The date on which the holder confirms the death of the apparent owner under sub. (2).

177.0202(2) (2) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and sub. (1) (b) applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.

177.0202(3) (3) If the holder does not send communications to the apparent owner of an account described in sub. (1) by 1st class mail, the holder shall attempt to confirm the apparent owner’s interest in the property by sending the apparent owner e-mail not later than 2 years after the apparent owner’s last indication of interest in the property, except that the holder shall promptly attempt to contact the apparent owner by 1st class mail if any of the following applies:

177.0202(3)(a) (a) The holder does not have information needed to send the apparent owner e-mail or the holder believes that the apparent owner’s e-mail address in the holder’s records is not valid.

177.0202(3)(b) (b) The holder receives notification that the e-mail was not received.

177.0202(3)(c) (c) The apparent owner does not respond to the e-mail within 30 days from the date on which the e-mail was sent.

177.0202(4) (4) If 1st class mail sent under sub. (3) is returned to the holder by the U.S. postal service as undeliverable, the property is presumed abandoned on the date determined under sub. (1).

177.0202 History History: 2021 a. 87; 2023 a. 138.

177.0203 177.0203 When other tax-deferred account presumed abandoned. Subject to s. 177.0210, and except for property described under s. 177.0202 and property held in a plan described in section 529A of the Internal Revenue Code, property held in an account or plan, including a health savings account, that qualifies for federal income tax deferral under the Internal Revenue Code is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earliest of the following:

177.0203(1) (1) The date specified under the Internal Revenue Code or by federal regulation by which the distribution of property must begin in order to avoid a penalty, if no such distribution has been made.

177.0203(2) (2) Thirty years after the date on which the account was opened.

177.0203 History History: 2021 a. 87.

177.0204 177.0204 When custodial account for a minor presumed abandoned.

177.0204(1) (1) Subject to s. 177.0210, property held in an account established under any state’s uniform gifts to minors act or uniform transfers to minors act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 3 years after the later of the following:

177.0204(1)(a) (a) If the date on which the minor’s custodian is required to transfer the property to the minor has passed, the date on which a 2nd consecutive communication sent by the holder by 1st class mail to the minor’s custodian is returned to the holder by the U.S. postal service as undeliverable.

177.0204(1)(b) (b) If the date on which the minor’s custodian is required to transfer the property to the minor has passed and if the 2nd communication is sent by the holder to the minor’s custodian later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable.

177.0204(1)(c) (c) The date on which the minor’s custodian is required to transfer the property to the minor or the minor’s estate in accordance with the uniform gifts to minors act or uniform transfers to minors act of the state in which the account was opened.

177.0204(2) (2) If the holder does not send communications to the custodian by 1st class mail, as described in sub. (1), the holder shall attempt to confirm the custodian’s interest in the property by sending the custodian e-mail not later than 2 years after the custodian’s last indication of interest in the property, except that the holder shall promptly attempt to contact the custodian by 1st class mail if any of the following applies:

177.0204(2)(a) (a) The holder does not have information needed to send the custodian e-mail or the holder believes that the custodian’s e-mail address in the holder’s records is not valid.

177.0204(2)(b) (b) The holder receives notification that the e-mail was not received.

177.0204(2)(c) (c) The custodian does not respond to the e-mail within 30 days from the date on which the e-mail was sent.

177.0204(3) (3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S. postal service as undeliverable, the property is presumed abandoned on the date determined under sub. (1).

177.0204(4) (4) The property in the account described under sub. (1) is not subject to this section after the property is transferred to the minor or the minor’s estate.

177.0204 History History: 2021 a. 87.

177.0205 177.0205 When contents of safe deposit box presumed abandoned. Tangible property held in a safe deposit box and proceeds from a sale of the property by the holder permitted by law of this state other than this chapter are presumed abandoned if the property remains unclaimed by the apparent owner 5 years after the earliest of the following:

177.0205(1) (1) The expiration of the lease or rental period for the box.

177.0205(2) (2) The earliest date when the lessor of the box is authorized by contract or law of this state other than this chapter to enter the box and remove or dispose of the contents without consent or authorization of the lessee.

177.0205 History History: 2021 a. 87.

177.0206 177.0206 When U.S. savings bonds presumed abandoned. Except as provided in s. 177.0205, a U.S. savings bond that remains unredeemed by the owner for more than 5 years after the date of final maturity is presumed abandoned. In this section, “final maturity” means the date a U.S. savings bond stops earning interest upon reaching its final extended maturity date.

177.0206 History History: 2015 a. 309; 2021 a. 87 s. 145; Stats. 2021 s. 177.0206.

177.0207 177.0207 When security presumed abandoned.

177.0207(1) (1) Subject to s. 177.0210, a security is presumed to be abandoned 3 years after the following:

177.0207(1)(a) (a) The date on which a 2nd consecutive communication sent by the holder by 1st class mail to the apparent owner is returned to the holder by the U.S. postal service as undeliverable.

177.0207(1)(b) (b) If the 2nd communication is sent by the holder to the apparent owner later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable.

177.0207(2) (2) If the holder does not send communications to the apparent owner of the security by 1st class mail, as described in sub. (1), the holder shall attempt to confirm the apparent owner’s interest in the security by sending the apparent owner e-mail not later than 2 years after the apparent owner’s last indication of interest in the security, except that the holder shall promptly attempt to contact the apparent owner by 1st class mail if any of the following applies:

177.0207(2)(a) (a) The holder does not have information needed to send the apparent owner e-mail or the holder believes that the apparent owner’s e-mail address in the holder’s records is not valid.

177.0207(2)(b) (b) The holder receives notification that the e-mail was not received.

177.0207(2)(c) (c) The apparent owner does not respond to the e-mail within 30 days from the date on which the e-mail was sent.

177.0207(3) (3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S. postal service as undeliverable, the security is presumed abandoned 3 years after the date on which the mail is returned.

177.0207 History History: 2021 a. 87.

177.0208 177.0208 When related property presumed abandoned. At and after the time property is presumed abandoned under this chapter, any property right or interest accrued or accruing from property presumed abandoned under this chapter is presumed abandoned.

177.0208 History History: 2021 a. 87.

177.0209 177.0209 Proceeds from sale of property in self-service storage facility. Notwithstanding any other provision under this chapter, the proceeds of a sale under s. 704.90 (6) of personal property stored in a leased facility located within a self-service storage facility is presumed abandoned immediately after satisfaction of the operator’s lien under s. 704.90 (3) (a).

177.0209 History History: 1987 a. 23; 2021 a. 87 s. 155; Stats. 2021 s. 177.0209.

177.0209 Annotation While excess proceeds from sales under s. 704.90 (6) are presumed abandoned, nothing in this chapter suggests that this presumption may not be overcome. Nothing suggests that the holder may continue to hold the excess proceeds even if the person whose property was sold presents himself or herself in person to the holder or otherwise contacts the holder. Cook v. Public Storage, Inc., 2008 WI App 155, 314 Wis. 2d 426, 761 N.W.2d 645, 07-2077.

177.0210 177.0210 Indication of apparent owner interest in property.

177.0210(1) (1) Property is presumed abandoned from the later of the following: