AB325,48,20 17(2) The administrator may not commence an action or proceeding to enforce
18this chapter with respect to the reporting, payment, or delivery of property reported
19to the administrator more than 5 years after the holder filed a nonfraudulent report
20and reported the property under s. 177.0401 to the administrator.

AB325,48,25 21(3) If a holder is required to file a report under s. 177.0401 and fails to do so,
22or if a holder files a report but does not report property required to be included with
23the report under s. 177.0401, the administrator may not commence an action,
24proceeding, or examination with respect to the reporting, payment, or delivery of the
25unreported property more than 10 years after the holder's duty to report arose.

1(4) Subsections (1) to (3) do not apply in the case of the filing of a fraudulent
2report or to any collection action or proceeding under s. 177.1201 or 177.1206.

AB325,49,4 3(5) For purposes of this section, the administrator and holder may extend any
4period of limitation by written agreement.

AB325,103 6Section 103 . Subchapter VII (title) of chapter 177 [precedes 177.0701] of the
7statutes is created to read:

AB325,49,14 12177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and
13177.1504, the administrator shall sell abandoned property within 3 years after
14receiving the property.

AB325,49,17 15(2) Before selling property under sub. (1), the administrator shall give notice
16to the public of the date of the sale and include with the notice a reasonable
17description of the property.

AB325,49,19 18(3) Except as provided under sub. (4), a sale under sub. (1) shall be to the
19highest bidder by any of the following means:

AB325,49,2120 (a) At a public sale at a location in this state that the administrator determines
21to be the most favorable market for the property.

AB325,49,2222 (b) On the Internet.

AB325,49,2423 (c) On another forum that the administrator determines is likely to yield the
24highest net proceeds.

AB325,50,3

1(4) The administrator may decline the highest bid at a sale under this section
2and re-offer the property for sale if the administrator determines the highest bid is
3insufficient.

AB325,50,7 4(5) If a sale held under this section is to be conducted other than on the Internet,
5the administrator shall publish at least one notice of the sale, at least 3 weeks, but
6not more than 5 weeks before the sale, in a newspaper of general circulation in the
7county in which the property is sold.

AB325,50,11 9177.0702 Disposal of securities. (1) Unless the administrator determines
10that it is in the best interest of this state to do otherwise, the administrator shall hold
11all securities for at least one year before selling them.

AB325,50,15 12(2) The administrator may not sell a security listed on an established stock
13exchange for less than the price prevailing on the exchange at the time of sale. The
14administrator may sell a security not listed on an established exchange by any
15commercially-reasonable method.

AB325,50,21 17177.0703 Purchaser owns property after sale. A purchaser of property at
18a sale conducted by the administrator under this chapter takes the property free of
19all claims of the owner, a previous holder, a creditor, or a person claiming an interest
20through the owner or holder. The administrator shall execute documents necessary
21to complete the transfer of ownership to the purchaser.

AB325,50,24 23177.0704 Military medal or decoration. (1) The administrator may not sell
24a medal or decoration awarded for service in the U.S. armed forces.

AB325,51,3

1(2) The administrator may deliver a medal or decoration as described under
2sub. (1) to any of the following entities, with the entity's consent, to hold in custody
3for the owner:

AB325,51,44(a) An entity organized under section 501 (c) (19) of the Internal Revenue Code.