Chapter 177

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:

177.0210(1)(a) (a) The date on which the property is otherwise presumed abandoned under this subchapter.

177.0210(1)(b) (b) The date on which the dormancy period has elapsed following the last indication of interest by the apparent owner in the property.

177.0210(2) (2) Under this chapter, an indication of an apparent owner’s interest in property includes the following:

177.0210(2)(a) (a) A record communicated by the apparent owner to the holder or the holder’s agent concerning the property or the account in which the property is held.

177.0210(2)(b) (b) An oral communication by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or the holder’s agent contemporaneously makes and preserves a record of the fact of the apparent owner’s communication.

177.0210(2)(c) (c) Presentment of a check or other instrument of payment of a dividend, interest, or other distribution, or evidence of receipt of a distribution made by electronic or similar means, with respect to an account, underlying security, or interest in a business association.

177.0210(2)(d) (d) Activity directed by an apparent owner in the account in which the property is held, including accessing the account or information concerning the account, or a direction by the apparent owner to increase, decrease, or otherwise change the amount or type of property held in the account.

177.0210(2)(e) (e) Any of the following activities concerning property or an account held at a financial organization:

177.0210(2)(e)1. 1. A deposit into or withdrawal from an account previously authorized by the apparent owner, other than an automatic reinvestment of dividends or interest.

177.0210(2)(e)2. 2. A deposit into or withdrawal from any other account the apparent owner has with the financial organization if the mailing address for the apparent owner in the financial organization’s books and records is the same for both the inactive account and the active account.

177.0210(2)(e)3. 3. A payment by the apparent owner on any amount due on a loan with the financial organization if the mailing address for the apparent owner in the financial organization’s books and records is the same for both the inactive account and the loan account.

177.0210(2)(e)4. 4. Communication in writing from the apparent owner to the financial organization about an account or another relationship with the financial organization.

177.0210(2)(e)5. 5. Any correspondence in writing from the financial organization to the apparent owner, such as the mailing of a statement, report of interest paid or credited, or other written advice relating to a deposit, if the correspondence is not returned to the financial organization for nondelivery and if the financial organization maintains a record of all such returned correspondence.

177.0210(2)(f) (f) Subject to sub. (5), payment of a premium on an insurance policy.

177.0210(2)(g) (g) Any other action by the apparent owner that reasonably demonstrates to the holder that the apparent owner knows that the property exists.

177.0210(3) (3) An action by an agent or other representative of an apparent owner, other than the holder acting as the apparent owner’s agent, is presumed to be an action on behalf of the apparent owner.

177.0210(4) (4) A communication with an apparent owner by a person other than the holder or the holder’s representative is not an indication of interest in the property by the apparent owner unless a record of the communication evidences the apparent owner’s knowledge of a right to the property.

177.0210(5) (5) If an insured person dies or the insured or beneficiary of an insurance policy otherwise becomes entitled to the proceeds before depletion of the cash surrender value of the policy by operation of an automatic-premium-loan provision or other nonforfeiture provision contained in the policy, the operation does not prevent the policy from maturing or terminating for purposes of this chapter.

177.0210 History History: 2021 a. 87; 2023 a. 138.

177.0211 177.0211 Knowledge of death of insured or annuitant.

177.0211(1) (1) In this section, “death master file” means the federal social security administration death master file or other database or service that is at least as comprehensive as the federal social security administration death master file for determining that a person has reportedly died.

177.0211(2) (2) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the insurance company has knowledge of the death of an insured or annuitant when any of the following occurs:

177.0211(2)(a) (a) The insurance company receives a death certificate or court order determining that the insured or annuitant has died.

177.0211(2)(b) (b) The insurance company or other person validates the death of the insured or annuitant by its performance of due diligence, as required under ch. 632 or other law, to maintain contact with the insured or annuitant to determine whether the insured or annuitant has died.

177.0211(2)(c) (c) The insurance company compares for any purpose a death master file with the names of some or all of the company’s insureds or annuitants, finds a match that provides notice that the insured or annuitant has died, and validates the death.

177.0211(2)(d) (d) The insurance company receives notice of the death of the insured or annuitant from a beneficiary, policy owner, relative, or trustee or from the personal or legal representative of the insured’s or annuitant’s estate, and the company validates the death.

177.0211(3) (3) The following applies to validating the death of the insured or annuitant under this section:

177.0211(3)(a) (a) A death master file match occurs if the criteria for an exact or partial match is satisfied as provided by a law of this state other than this chapter or by a rule promulgated or policy adopted by the office of the commissioner of insurance.

177.0211(3)(b) (b) A death master file match does not constitute proof of death for the purpose of submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the policy or contract for an amount due under an insurance policy or annuity contract.

177.0211(3)(c) (c) The death master file match or validation of the insured’s or annuitant’s death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract.

177.0211(3)(d) (d) If no provision in a law of this state or a rule promulgated or policy adopted by the office of the commissioner of insurance establishes a time for validation of a death of an insured or annuitant, the insurance company shall make a good faith effort using other available records and information to validate the death, and document the effort taken for such validation, not later than 90 days after the insurance company has notice of the death.

177.0211(4) (4) This chapter does not affect the determination of the extent to which an insurance company before November 7, 2021, had knowledge of the death of an insured or annuitant or was required to conduct a death master file comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed.

177.0211 History History: 2021 a. 87; 2021 a. 240 s. 30.