Chapter 177

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.

177.0404 History History: 2021 a. 87; 2021 a. 240 s. 30.

177.0405 177.0405 Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.

177.0405 History History: 2021 a. 87.

177.0406 177.0406 Negative reporting.

177.0406(1) (1) The administrator may require any person or persons to file a report as otherwise prescribed in this section, except that the administrator may specify a deadline after the deadline specified in s. 177.0403.

177.0406(2) (2) The administrator may require any person to file a report even if the person believes the person is not in possession of any property reportable or deliverable under this chapter.

177.0406 History History: 2021 a. 87.

subch. V of ch. 177 SUBCHAPTER V

NOTICE TO APPARENT OWNER OF
PROPERTY PRESUMED ABANDONED

177.0501 177.0501 Notice to apparent owner by holder.

177.0501(1) (1) Subject to sub. (2), the holder of property presumed abandoned shall send to the apparent owner notice by 1st class mail that complies with s. 177.0502, in a format acceptable to the administrator, not more than 120 days nor less than 60 days before filing the report under s. 177.0401, if all of the following apply:

177.0501(1)(a) (a) The holder has in the holder’s records an address for the apparent owner that the records do not indicate to be invalid and that is sufficient to direct the delivery of 1st class mail to the apparent owner.

177.0501(1)(b) (b) The value of the property is $50 or more.

177.0501(2) (2) If an apparent owner has consented to receive e-mail delivery from the holder, the holder shall send the notice described in sub. (1) both by 1st class mail to the apparent owner’s last-known mailing address and by e-mail, unless the holder believes that the apparent owner’s e-mail address is invalid.

177.0501 History History: 2021 a. 87.

177.0502 177.0502 Contents of notice by holder.