Chapter 177

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.

177.0212 177.0212 Deposit account for proceeds of insurance policy or annuity contract. If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than death benefits, the proceeds are retained by the insurance company or the financial organization where the account is held and the policy or contract includes the assets in the account, the assets in the account are subject to the same presumption of abandonment that is applied to the underlying policy or contract.

177.0212 History History: 2021 a. 87.

177.0213 177.0213 Property held by agents and fiduciaries.

177.0213(1) (1) Property and any income or increment derived from it held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 5 years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, or otherwise indicated an interest as provided in s. 177.0210.

177.0213(2) (2) Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established pursuant to the U.S. internal revenue code are not payable or distributable within the meaning of sub. (1) unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.

177.0213(3) (3) For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between the holder and the business association provides otherwise.

177.0213(4) (4) For the purposes of this section, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.

177.0213 History History: 1983 a. 408; 2021 a. 87 s. 133; Stats. 2021 s. 177.0213.

177.0214 177.0214 Distributions by certain insurance company activities.

177.0214(1) (1) Subject to s. 177.0210, property distributable in the course of a demutualization of an insurance company is presumed abandoned.

177.0214(2) (2) Subject to s. 177.0210, property distributable in the course of the dissolution of the Health Insurance Risk-Sharing Plan under 2013 Wisconsin Act 20, section 9122 (1L), and 2013 Wisconsin Act 116, section 32 (1) (b), is presumed abandoned.

177.0214 History History: 2021 a. 87.

177.0215 177.0215 Refunds held by business associations. Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than one year after it became payable in accordance with the final determination or order providing for the refund, regardless of whether the final determination or order requires any person entitled to a refund to make a claim for it, is presumed abandoned.

177.0215 History History: 1983 a. 408; 2021 a. 87 s. 113; Stats. 2021 s. 177.0215.

subch. III of ch. 177 SUBCHAPTER III

TAKING CUSTODY OF PROPERTY
PRESUMED ABANDONED

177.0301 177.0301 Address of apparent owner to establish priority.

177.0301(1) (1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner that identifies the state, even if the description, code, or indication of location is not sufficient to direct the delivery of 1st class mail to the apparent owner.

177.0301(2) (2) If the zip code associated with the apparent owner is for a post office located in this state, this state is deemed to be the state of the last-known address of the apparent owner unless other records associated with the apparent owner specifically identify the physical address of the apparent owner to be in another state.

177.0301(3) (3) If the address under sub. (2) is in another state, the other state is deemed to be the state of the last-known address of the apparent owner.

177.0301(4) (4) The address of the apparent owner of a life or endowment insurance policy or annuity contract or its proceeds is presumed to be the address of the insured or annuitant if a person other than the insured or annuitant is entitled to the amount owed under the policy or contract and the address of the other person is not known by the insurance company and cannot be determined under s. 177.0302.

177.0301 History History: 2021 a. 87.

177.0302 177.0302 Address of apparent owner in this state. Unless otherwise provided in this chapter or by another law of this state, if property is presumed abandoned, the property is subject to reporting to and custody of this state whether located in this state, another state, or a foreign country if any of the following applies:

177.0302(1) (1) The last-known address of the apparent owner in the records of the holder is in this state.

177.0302(2) (2) The records of the holder do not reflect the identity or last-known address of the apparent owner, but the administrator has determined that the last-known address of the apparent owner is in this state.

177.0302(3) (3) The records of the holder do not reflect the identity of the apparent owner, but the records of the holder do reflect that the last-known address of the apparent owner is in this state.

177.0302 History History: 2021 a. 87.

177.0303 177.0303 If records show multiple addresses of apparent owner.

177.0303(1) (1) Except as provided in sub. (2), if records of a holder reflect multiple addresses for an apparent owner and this state is the state of the most recently recorded address, the property is subject to reporting to and custody of this state and the administrator may take custody of property presumed abandoned, whether located in this state or another state.

177.0303(2) (2) If it appears from records of the holder that the most recently recorded address of the apparent owner under sub. (1) is a temporary address and this state is the state of the next most recently recorded address that is not a temporary address, the property is subject to reporting to and custody of this state and the administrator may take custody of the property presumed abandoned.

177.0303 History History: 2021 a. 87.

177.0304 177.0304 Holder domiciled in this state.

177.0304(1) (1) Except as provided in sub. (2) or s. 177.0302 or 177.0303, property presumed abandoned is subject to reporting to and custody of this state and the administrator may take custody of property presumed abandoned, whether located in this state, another state, or a foreign country, if the holder is domiciled in this state or is this state or a governmental subdivision, agency, or instrumentality of this state and any of the following applies:

177.0304(1)(a) (a) Another state or foreign country is not entitled to the property because there is no last-known address of the apparent owner or other person entitled to the property in the records of the holder.

177.0304(1)(b) (b) The state or foreign country of the last-known address of the apparent owner or other person entitled to the property does not provide for custodial taking of the property.

177.0304(2) (2) Property is not subject to the custody of the administrator under sub. (1) if the property is specifically exempt from custodial taking under the laws of this state or the state or foreign country of the last-known address of the apparent owner.

177.0304(3) (3) If a holder’s state of domicile has changed since the time the property was presumed abandoned, the holder’s state of domicile for purposes of this section is deemed to be the state where the holder was domiciled at the time the property was presumed abandoned.

177.0304 History History: 2021 a. 87; 2021 a. 240 s. 30.

177.0305 177.0305 Custody if transaction took place in this state. Except as provided in s. 177.0302, 177.0303, or 177.0304, property presumed abandoned is subject to reporting to and custody of this state and the administrator may take custody of property presumed abandoned whether located in this state or another state if any of the following applies:

177.0305(1) (1) The transaction out of which the property arose took place in this state.

177.0305(2) (2) The holder is domiciled in a state that does not provide for the custodial taking of the property, except that if the property is specifically exempt from custodial taking under the law of the state of the holder’s domicile, the property is not subject to the custody of the administrator.

177.0305(3) (3) The last-known address of the apparent owner or other person entitled to the property is unknown or in a state that does not provide for the custodial taking of the property, except that if the property is specifically exempt from custodial taking under the law of the state of the last-known address, the property is not subject to the custody of the administrator.

177.0305 History History: 2021 a. 87; 2021 a. 240 s. 30.

177.0306 177.0306 Traveler’s check, money order, or similar instrument. Sums payable on a traveler’s check, money order, or similar instrument presumed abandoned are subject to reporting to and custody of this state and the administrator may take custody of such sums to the extent permitted under 12 USC 2501 to 2503.

177.0306 History History: 2021 a. 87; 2021 a. 240 s. 30.

177.0306 Annotation Under the federal Disposition of Abandoned Money Orders and Traveler’s Checks Act, 12 USC 2501 to 2503, the proceeds of a money order, traveler’s check, or other similar written instrument (other than a third-party bank check) escheat to the state of purchase upon abandonment, so long as purchase-location information is known and that state has enacted laws empowering it to take custody of those proceeds. When a financial product operates like a money order—in other words, when it is a prepaid written instrument used to transmit money to a named payee—and when it would also escheat inequitably solely to the state of incorporation of the company holding the funds under the common-law rules due to recordkeeping gaps, then it is sufficiently “similar” to a money order to fall presumptively within the Act. Delaware v. Pennsylvania, 598 U.S. ___, 143 S. Ct. 696, 215 L. Ed. 2d 24 (2023).

177.0307 177.0307 Virtual currency. Virtual currency presumed abandoned is subject to reporting to and custody of this state if the holder is able to convert virtual currency to U.S. currency by sale, exchange, or any other disposition. The holder shall convert the virtual currency to U.S. currency for delivery to the administrator.

177.0307 History History: 2021 a. 87; 2021 a. 240 s. 30.

177.0308 177.0308 Hazardous or dangerous items found in safe deposit box. Thirty days prior to delivery of any hazardous or dangerous items such as guns, chemicals, or explosives under s. 177.0205, the holder shall provide written notice to the administrator and deliver the hazardous or dangerous items as required by the administrator.

177.0308 History History: 2021 a. 87.

subch. IV of ch. 177 SUBCHAPTER IV

REPORT BY HOLDER

177.0401 177.0401 Report required by holder.

177.0401(1) (1) 

177.0401(1)(a) (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property.

177.0401(1)(b) (b) A holder shall report electronically in a format approved by the administrator, unless the administrator approves another method.

177.0401(2) (2) A holder may contract with a 3rd party to make the report required under sub. (1).

177.0401(3) (3) Regardless of whether a holder enters into a contract under sub. (2), the holder is responsible to the administrator for the complete, accurate, and timely reporting of property presumed abandoned and for paying or delivering the property described in the report to the administrator.

177.0401 History History: 2021 a. 87.

177.0402 177.0402 Content of report.

177.0402(1) (1) The report required under s. 177.0401 shall be signed by or on behalf of the holder and verified as to its completeness and accuracy and be in a secure format, as approved by the administrator, that protects the apparent owner’s confidential information in the same manner as is required of the administrator and administrator’s agent under subch. XIV. The report shall contain the following information:

177.0402(1)(a) (a) A description of the property.

177.0402(1)(b) (b) Unless the property is a traveler’s check, money order, or similar instrument, the name, last-known address, social security number or taxpayer identification number, and date of birth of the property’s apparent owner, if such information is known or readily ascertainable.

177.0402(1)(c) (c) For an amount held or owing under a life or endowment insurance policy or annuity contract, the name, social security number or taxpayer identification number, if known, date of birth, if known, and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of each beneficiary.

177.0402(1)(d) (d) For property held in or removed from a safe deposit box or other safekeeping repository or for other tangible personal property, an itemized inventory and description of the property, including the location of the property where it may be inspected by the administrator and any amounts owed to the holder.

177.0402(1)(e) (e) The commencement date for determining abandonment under subch. II.

177.0402(1)(f) (f) A statement that the holder has complied with the notice requirements of s. 177.0501.

177.0402(1)(g) (g) Any other information prescribed by the administrator.

177.0402(2) (2) A report under s. 177.0401 may include in the aggregate items valued under $5 each only if the apparent owner is unknown.

177.0402(3) (3) A report under s. 177.0401 may include personal information, as defined in s. 177.1401 (1), about the apparent owner or the apparent owner’s property to the extent not otherwise prohibited by federal law.

177.0402(4) (4) If a holder has changed the holder’s name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder shall include in the report under s. 177.0401 the holder’s former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.

177.0402 History History: 2021 a. 87; 2021 a. 240 s. 30.

177.0403 177.0403 When report to be filed.

177.0403(1) (1) Subject to sub. (2), the report under s. 177.0401 shall be filed on or before November 1 of each year and cover the 12 months preceding July 1 of that year.

177.0403(2) (2) Before the due date for filing the report under s. 177.0401, the holder of property presumed abandoned may request the administrator to extend the time for filing. The administrator may grant an extension of 60 days or other period agreed to by the administrator.

177.0403 History History: 2021 a. 87.

177.0404 177.0404 Retention of records by holder.

177.0404(1) (1) A holder required to file a report under s. 177.0401 shall retain records for 10 years after the later of the date on which the report was filed or the last date on which a timely report was due to be filed, unless a shorter period is prescribed by rule by the administrator.

177.0404(2) (2) The holder may satisfy the requirement to retain records under this section through an agent.

177.0404(3) (3) The records retained under this section shall include the following:

177.0404(3)(a) (a) The information required to be included in the report under s. 177.0401.

177.0404(3)(b) (b) The date, place, and nature of the circumstances that gave rise to the property right.

177.0404(3)(c) (c) The amount or value of the property.

177.0404(3)(d) (d) The last address of the apparent owner, if known to the holder.

177.0404(3)(e) (e) If the holder sells, issues, or provides to others for sale or issue in this state traveler’s checks, money orders, or similar instruments, other than 3rd-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding, indicating the state and date of issue.