AB325,43,8
5(5) If the holder of property reported to the administrator under s. 177.0401
6is the issuer of a certificated security, the administrator may obtain a replacement
7certificate in physical or book-entry form under s. 408.405. An indemnity bond is
8not required for purposes of this subsection.
AB325,43,11
9(6) The administrator shall establish procedures for the registration, issuance,
10method of delivery, transfer, and maintenance of securities delivered to the
11administrator by a holder.
AB325,43,15
12(7) An issuer, holder, or transfer agent, or other person acting under this
13section under instructions of and on behalf of the issuer or holder, is not liable to the
14apparent owner for, and shall be indemnified by the state against, a claim arising
15with respect to property after the property has been delivered to the administrator.
AB325,95
16Section
95. 177.0604 of the statutes is created to read:
AB325,43,23
17177.0604 Effect of payment or delivery of property to administrator.
18(1) On payment or delivery of property to the administrator under this chapter, the
19administrator, as agent for the state, assumes custody and responsibility for
20safekeeping the property. A holder that pays or delivers property to the
21administrator in good faith and substantially complies with ss. 177.0501 and
22177.0502 is relieved of liability arising thereafter with respect to payment or delivery
23of the property to the administrator.
AB325,44,2
24(2) This state shall defend and indemnify a holder against liability on a claim
25against the holder resulting from the payment or delivery of property to the
1administrator made in good faith and after the holder substantially complied with
2ss. 177.0501 and 177.0502.
AB325,96
3Section
96. 177.0605 of the statutes is created to read:
AB325,44,6
4177.0605 Recovery of property by holder from administrator. (1) A
5holder that pays money to the administrator may file a claim for reimbursement from
6the administrator of the amount paid if any of the following applies:
AB325,44,77
(a) The holder paid the money in error.
AB325,44,98
(b) After paying the money to the administrator, the holder paid money to a
9person the holder reasonably believed was entitled to the money.
AB325,44,17
10(2) If a claim for reimbursement under sub. (1) is made for a payment made on
11a negotiable instrument, including a travelers check, money order, or similar
12instrument, the holder shall submit proof that the instrument was presented and
13payment was made to a person the holder reasonably believed was entitled to
14payment. The holder may claim reimbursement even if the payment was made to
15a person whose claim was made after expiration of a period of limitation on the
16owner's right to receive or recover property, whether specified by contract or court
17order and notwithstanding any law to the contrary.
AB325,44,19
18(3) The administrator may only grant and pay a holder's claim under sub. (1)
19if the money being claimed is in the administrator's possession.
AB325,44,23
20(4) If a holder is reimbursed by the administrator under sub. (1) (b), the holder
21may also recover from the administrator income or gain under s. 177.0607 that would
22have been paid to the owner if the money had been claimed from the administrator
23by the owner, to the extent the income or gain was paid by the holder to the owner.
AB325,45,3
1(5) A holder that delivers property other than money to the administrator may
2file a claim for return of the property from the administrator if any of the following
3applies:
AB325,45,44
(a) The holder delivered the property in error.
AB325,45,55
(b) The apparent owner has claimed the property from the holder.
AB325,45,7
6(6) The administrator may only grant and pay a holder's claim under sub. (5)
7if the property being claimed is in the administrator's possession.
AB325,45,10
8(7) A holder that files a claim under sub. (5) shall include with the claim
9evidence sufficient to establish that the apparent owner claimed the property from
10the holder or that the holder delivered the property to the administrator in error.
AB325,45,13
11(8) The administrator may determine that an affidavit submitted by a holder
12is evidence sufficient to establish that the holder is entitled to reimbursement or to
13recover property under this section.
AB325,45,15
14(9) A holder is not required to pay a fee or other charge for reimbursement or
15return of property under this section.
AB325,45,19
16(10) Not later than 120 days after a claim is filed under sub. (1) or (4), the
17administrator shall allow or deny the claim and give the claimant notice of the
18decision in a record. If the administrator does not take action on a claim during the
19120-day period, the claim is deemed denied.
AB325,46,2
20(11) If a holder's claim is denied under this section, the holder may petition for
21judicial review of the claim under s. 227.52, notwithstanding s. 227.52 (1), except
22that petitions for review shall be served and filed no later than 90 days after the
23decision of the administrator or no later than 180 days after the filing of the claim
24if the administrator has failed to act on it. If the holder establishes the claim in an
1action against the administrator, the hearing examiner or court may award costs and
2reasonable attorney fees as permitted by s. 227.483, 227.485, or 814.245.
AB325,46,6
3(12) If a holder receives reimbursement under this section, or for any other
4reason under this chapter, and the holder is a debtor under s. 71.93 or 71.935, the
5administrator shall setoff the reimbursement against the holder's debts under s.
671.93 or 71.935.
AB325,97
7Section
97. 177.0606 of the statutes is created to read:
AB325,46,14
8177.0606 Property removed from safe deposit box. Property removed
9from a safe deposit box and delivered to the administrator is subject to the holder's
10right to reimbursement for the cost of opening the box and a lien or contract providing
11reimbursement to the holder for unpaid rent charges for the box. The administrator
12shall reimburse the holder from payment made by the apparent owner in the process
13of claiming the safe deposit box or the proceeds remaining after deducting the
14expense incurred by the administrator in selling the property.
AB325,98
15Section
98. 177.0607 of the statutes is created to read:
AB325,46,19
16177.0607 Income, interest, or gain while in the administrator's
17custody. (1) If property other than money is delivered to the administrator, the
18owner is entitled to receive income or gain realized or accrued on the property on or
19before the date the property is sold.
AB325,47,2
20(2) Except as provided in subs. (3) and (4), when the administrator pays to a
21claimant property in the form of money, including property described in sub. (1) that
22is converted to money, the administrator shall pay simple interest on that money for
23the period that it was in the custody of the administrator or this state at an annual
24rate equal to the applicable annual federal long-term rate determined under section
11274 (d) of the Internal Revenue Code in effect on December 31 of the year prior to
2the year in which the claim is paid.
AB325,47,3
3(3) Interest shall not accrue: