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(a) The holder paid the money in error.
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(b) After paying the money to the administrator, the holder paid money to a
9person the holder reasonably believed was entitled to the money.
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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.
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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.
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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.
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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:
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(a) The holder delivered the property in error.
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(b) The apparent owner has claimed the property from the holder.
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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.
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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.
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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.
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14(9) A holder is not required to pay a fee or other charge for reimbursement or
15return of property under this section.
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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.
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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.
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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.
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7Section
97. 177.0606 of the statutes is created to read:
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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.
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15Section
98. 177.0607 of the statutes is created to read:
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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.
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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.
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3(3) Interest shall not accrue:
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(a) On property in the form of money that is less than $100.
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(b) On property recovered by a holder under s. 177.0605.
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(c) Before January 2, 2019, except as provided in sub. (4).
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7(4) Property received by the administrator before January 2, 2019, that was
8interest-bearing to the holder at the time of receipt by the administrator or this state
9shall accrue interest while in possession of the administrator or this state at a rate
10of 6 percent per year or any lesser rate the property earned while in the possession
11of the holder. Interest begins to accrue when the property is delivered to the
12administrator and ceases on the earlier of the date on which payment is made to the
13owner or January 1, 2019. If the property is still in the possession of the
14administrator or this state on January 2, 2019, interest shall accrue as described in
15sub (2). No interest on interest-bearing property is payable for any period before
16December 31, 1984.
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17Section
99. 177.0608 of the statutes is created to read:
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18177.0608 Administrator's options as to custody. The administrator may
19decline to take custody of property reported under s. 177.0401 if the administrator
20determines that any of the following applies:
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21(1) The property has a value less than the estimated expenses of notice and sale
22of the property.
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23(2) Taking custody of the property would be unlawful.