AB325,80,25 23610.61 Duty of life insurers to report abandoned property. An insurer
24doing a life insurance business shall report under s. 177.17 subch. IV of ch. 177 any
25property presumed abandoned under s. 177.07 subch. II of ch. 177.
AB325,192
1Section 192. 632.63 (4) of the statutes is amended to read:
AB325,81,72 632.63 (4) Payment of benefits. The benefits from a policy, contract, or a
3retained asset account, plus any applicable accrued contractual interest, shall first
4be payable to the designated beneficiaries or owners and, in the event said
5beneficiaries or owners cannot be found, shall escheat to the state as unclaimed
6property under ch. 177. Interest payable under s. 628.46 shall not be payable as
7unclaimed property under s. 177.07 subch. II of ch. 177.
AB325,193 8Section 193. 863.37 (2) (a) of the statutes is amended to read:
AB325,81,179 863.37 (2) (a) Whenever payment of a legacy or a distributive share cannot be
10made to the person entitled to payment or it appears that the person may not receive
11or have the opportunity to obtain payment, the court may, on petition of a person
12interested or on its own motion, order that the funds be paid or delivered to the
13secretary of revenue for deposit as provided under s. 177.23 subch. VIII of ch. 177.
14Claims on the funds may be made under s. 863.39 within 10 years after the date of
15publication under s. 177.18 177.0503. When a claimant to the funds resides outside
16the United States or its territories the court may require the personal appearance
17of the claimant before the court.
AB325,194 18Section 194. 863.39 (1) of the statutes is amended to read:
AB325,81,2419 863.39 (1) Generally. If any legacy or intestate property is not claimed by the
20distributee within 120 days after entry of final judgment, or within the time
21designated in the judgment, it shall be converted into money as close to the inventory
22value as possible and paid to the secretary of revenue administrator for deposit as
23provided under s. 177.23 177.0801. Claims for the money shall be made under sub.
24(3).
AB325,195 25Section 195. 863.39 (3) (a) of the statutes is amended to read:
AB325,82,15
1863.39 (3) (a) Within 10 years after the date of publication under s. 177.18
2177.0503, any person claiming any amount deposited under sub. (1) may file in the
3probate court in which the estate was settled a petition alleging the basis of his or
4her claim. The court shall order a hearing upon the petition, and 20 days' notice of
5the hearing and a copy of the petition shall be given by the claimant to the
6department of revenue and to the attorney general, who may appear for the state at
7the hearing. If the claim is established it shall be allowed without interest, but
8including any increment which may have occurred on securities held, and the court
9shall so certify to the department of administration, which shall audit the claim. The
10secretary of revenue shall pay the claim out of the appropriation under s. 20.566 (4)
11(j). Before issuing the order distributing the estate, the court shall issue an order
12determining the death tax due, if any. If real property has been adjudged to escheat
13to the state under s. 852.01 (3) the probate court which made the adjudication may
14adjudge at any time before title has been transferred from the state that the title
15shall be transferred to the proper owners under this subsection.
AB325,196 16Section 196. 893.95 of the statutes is amended to read:
AB325,82,18 17893.95 Unclaimed property; civil remedies. Any civil action to enforce ch.
18177 is subject to the limitations under s. 177.29 (2) 177.0610.
AB325,197 19Section 197. Initial applicability.
AB325,82,2120 (1) Interest. The treatment of s. 177.0607 first applies to claims filed after the
21effective date of this subsection.
AB325,82,2222 (End)