SB756,45,9 177.0608 Administrator's options as to custody. The administrator may decline to take custody of property reported under s. 177.0401 if the administrator determines that any of the following applies:

SB756,45,11 (1) The property has a value less than the estimated expenses of notice and sale of the property.

SB756,45,12 (2) Taking custody of the property would be unlawful.

SB756,45,13 (3) The property is not subject to custody or escheatment under this chapter.

SB756,96 Section 96. 177.0609 of the statutes is created to read:

SB756,45,20 177.0609 Disposition of property having no substantial value; immunity from liability. (1) If the administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value or that the cost of disposing of the property exceeds the value of the property, the administrator may return the property to the holder or destroy or otherwise dispose of the property.

SB756,45,23 (2) An action or proceeding may not be commenced against the state, an agency of the state, the administrator, another officer, employee, or agent of the state, or a holder for or because of an act of the administrator under this section.

SB756,97 Section 97. 177.0610 of the statutes is created to read:

SB756,46,6 177.0610 Periods of limitation and repose. (1) Expiration, before, on, or after the effective date of this subsection .... [LRB inserts date], of a period of limitation on an owner's right to receive or recover property, whether specified by contract or court order, and notwithstanding any law to the contrary, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the administrator.

SB756,46,10 (2) The administrator may not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property reported to the administrator more than 5 years after the holder filed a nonfraudulent report and reported the property under s. 177.0401 to the administrator.

SB756,46,15 (3) If a holder is required to file a report under s. 177.0401 and fails to do so, or if a holder files a report but does not report property required to be included with the report under 177.0401, the administrator may not commence an action, proceeding, or examination with respect to the reporting, payment, or delivery of the unreported property more than 10 years after the holder's duty to report arose.

SB756,46,17 (4) Subsections (1) to (3) do not apply in the case of the filing of a fraudulent report or to any collection action or proceeding under s. 177.1201 or 177.1206.

SB756,46,19 (5) For purposes of this section, the administrator and holder may extend any period of limitation by written agreement.

SB756,98 Section 98. 177.07 of the statutes is repealed.

SB756,99 Section 99 . Subchapter VII (title) of chapter 177 [precedes 177.0701] of the statutes is created to read:

SB756,46,23 CHAPTER 177

SB756,46,24 SUBCHAPTER VII

SB756,46,25 Sale of property by administrator

SB756,100 Section 100. 177.0701 of the statutes is created to read:

SB756,47,4 177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and 177.1504, the administrator shall sell abandoned property within 3 years after receiving the property.

SB756,47,7 (2) Before selling property under sub. (1), the administrator shall give notice to the public of the date of the sale and include with the notice a reasonable description of the property.

SB756,47,9 (3) Except as provided under sub. (4), a sale under sub. (1) shall be to the highest bidder by any of the following means:

SB756,47,11 (a) At a public sale at a location in this state that the administrator determines to be the most favorable market for the property.

SB756,47,12 (b) On the Internet.

SB756,47,14 (c) On another forum that the administrator determines is likely to yield the highest net proceeds.

SB756,47,17 (4) The administrator may decline the highest bid at a sale under this section and re-offer the property for sale if the administrator determines the highest bid is insufficient.

SB756,47,21 (5) If a sale held under this section is to be conducted other than on the Internet, the administrator shall publish at least one notice of the sale, at least 3 weeks, but not more than 5 weeks before the sale, in a newspaper of general circulation in the county in which the property is sold.

SB756,101 Section 101. 177.0702 of the statutes is created to read:

SB756,47,25 177.0702 Disposal of securities. (1) Unless the administrator determines that it is in the best interest of this state to do otherwise, the administrator shall hold all securities for at least one year before selling them.