AB325,46
15Section
46. 177.01 (17) of the statutes is created to read:
AB325,17,1816
177.01
(17) “Worthless security” means a security for which the cost of
17liquidation and delivery to the administrator exceeds the value of the security on the
18date on which a report is due under this chapter.
AB325,47
19Section
47. 177.015 (title) of the statutes is amended to read:
AB325,17,21
20177.015 (title)
Exemption Inapplicability to foreign transactions and
21other exemptions.
AB325,48
22Section
48. 177.015 of the statutes is renumbered 177.015 (1).
AB325,49
23Section
49. 177.015 (2) of the statutes is created to read:
AB325,17,2424
177.015
(2) This chapter does not apply to any of the following:
AB325,18,2
1(a) Property held, due, and owing in a foreign country if the transaction out of
2which the property arose was a foreign transaction.
AB325,18,43
(b) Any payment or credit shown on the books and records of a business
4association owed to another business association in the ordinary course of business.
AB325,18,55
(c) Property described in s. 20.912 (1).
AB325,50
6Section
50. 177.02 of the statutes is repealed.
AB325,51
7Section 51
. Subchapter II (title) of chapter 177 [precedes 177.0201] of the
8statutes is created to read:
AB325,18,1010
SUBCHAPTER ii
AB325,18,1111
presumption of abandonment
AB325,52
12Section
52. 177.0201 of the statutes is created to read:
AB325,18,15
13177.0201 When property presumed abandoned. Subject to s. 177.0210,
14the following property is presumed abandoned if it is unclaimed by the apparent
15owner during the period specified below:
AB325,18,16
16(1) A traveler's check, 15 years after issuance.
AB325,18,17
17(2) A money order or similar instrument, 5 years after issuance.
AB325,18,20
18(3) A state or municipal bond, bearer bond, or original-issue-discount bond,
193 years after the earliest of the date the bond matures or is called or the obligation
20to pay the principal of the bond arises.
AB325,18,22
21(4) A debt of a business association owed to an individual, 3 years after the
22obligation to pay arises.
AB325,19,3
23(5) A payroll card or demand, savings, or time deposit, including a deposit that
24is automatically renewable, 5 years after the earlier of maturity or the date of the last
25indication of interest in the property by the apparent owner, except a deposit that is
1automatically renewable is deemed matured on its initial date of maturity unless the
2apparent owner consented in a record on file with the holder to renewal at or about
3the time of the renewal.
AB325,19,6
4(6) Money or a credit owed to a customer as a result of a retail business
5transaction, other than in-store credit for returned merchandise, 5 years after the
6obligation arises.
AB325,19,11
7(7) An amount owed by an insurance company on a life or endowment
8insurance policy or an annuity contract that has matured or terminated, 3 years after
9the obligation to pay arises under the terms of the policy or contract or, if a policy or
10contract for which an amount is owed on proof of death has not matured by proof of
11the death of the insured or annuitant, as follows:
AB325,19,1612
(a) With respect to an amount owed on a life or endowment insurance policy,
133 years after the earliest of the date on which the insurance company has knowledge
14of the death of the insured or the date on which the insured attained, or would have
15attained if living, the limiting age under the mortality table that forms the basis of
16the reserve for the policy.
AB325,19,1817
(b) With respect to an amount owed on an annuity contract, 3 years after the
18date on which the insurance company has knowledge of the death of the annuitant.
AB325,19,20
19(8) Property that may distributed by a business association in the course of
20dissolution, one year after the property may be distributed.
AB325,19,23
21(9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39,
22property held by a court, including property received as proceeds of a class action,
23one year after the property may be distributed.
AB325,20,3
24(10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39,
25property held by a government or governmental subdivision, agency, or
1instrumentality, including municipal bond interest and unredeemed principal under
2the administration of a paying agent or indenture trustee, 5 years after the property
3may be distributed.