AB752,48 25Section 48. 177.02 of the statutes is repealed.
AB752,49
1Section 49. Subchapter II (title) of chapter 177 [precedes 177.0201] of the
2statutes is created to read:
AB752,17,33 CHAPTER 177
AB752,17,44 SUBCHAPTER ii
AB752,17,55 presumption of abandonment
AB752,50 6Section 50. 177.0201 of the statutes is created to read:
AB752,17,9 7177.0201 When property presumed abandoned. Subject to s. 177.0210,
8the following property is presumed abandoned if it is unclaimed by the apparent
9owner during the period specified below:
AB752,17,10 10(1) A traveler's check, 15 years after issuance.
AB752,17,11 11(2) A money order or similar instrument, 5 years after issuance.
AB752,17,14 12(3) A state or municipal bond, bearer bond, or original-issue-discount bond,
133 years after the earliest of the date the bond matures or is called or the obligation
14to pay the principal of the bond arises.
AB752,17,15 15(4) A debt of a business association, 3 years after the obligation to pay arises.
AB752,17,20 16(5) A payroll card or demand, savings, or time deposit, including a deposit that
17is automatically renewable, 5 years after the maturity of the deposit, except a deposit
18that is automatically renewable is deemed matured on its initial date of maturity
19unless the apparent owner consented in a record on file with the holder to renewal
20at or about the time of the renewal.
AB752,17,23 21(6) Money or a credit owed to a customer as a result of a retail business
22transaction, other than in-store credit for returned merchandise, 5 years after the
23obligation arises.
AB752,18,3 24(7) An amount owed by an insurance company on a life or endowment
25insurance policy or an annuity contract that has matured or terminated, 3 years after

1the obligation to pay arises under the terms of the policy or contract or, if a policy or
2contract for which an amount is owed on proof of death has not matured by proof of
3the death of the insured or annuitant, as follows:
AB752,18,84 (a) With respect to an amount owed on a life or endowment insurance policy,
53 years after the earliest of the date on which the insurance company has knowledge
6of the death of the insured or the date on which the insured attained, or would have
7attained if living, the limiting age under the mortality table that forms the bases of
8the reserve for the policy.
AB752,18,109 (b) With respect to an amount owed on an annuity contract, 3 years after the
10date on which the insurance company has knowledge of the death of the annuitant.
AB752,18,12 11(8) Property that may distributed by a business association in the course of
12dissolution, one year after the property may be distributed.
AB752,18,15 13(9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39,
14property held by a court, including property received as proceeds of a class action,
15one year after the property may be distributed.
AB752,18,20 16(10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39,
17property held by a government or governmental subdivision, agency, or
18instrumentality, including municipal bond interest and unredeemed principal under
19the administration of a paying agent or indenture trustee, 5 years after the property
20may be distributed.
AB752,18,23 21(11) Wages, commissions, bonuses, or reimbursements to which an employee
22is entitled, or other compensation for personal services, other than amounts held in
23a payroll card, one year after the amount becomes payable.
AB752,18,25 24(12) A deposit or refund owed to a subscriber by a utility, one year after the
25deposit or refund becomes payable.
AB752,19,3
1(13) Property not specified in this section or ss. 177.0202 to 177.0209, the
2earlier of 5 years after the owner first has a right to demand the property or the date
3on which the obligation to pay or distribute the property arises.
AB752,51 4Section 51. 177.0202 of the statutes is created to read:
AB752,19,9 5177.0202 When tax-deferred retirement account presumed
6abandoned. (1)
Subject to s. 177.0210, property held in a pension account or
7retirement account that qualifies for federal income tax deferral under the Internal
8Revenue Code is presumed abandoned if it is unclaimed by the apparent owner 3
9years after the earliest of the following:
AB752,19,1310 (a) The date on which a 2nd consecutive communication sent by the holder by
111st class mail to the apparent owner is returned to the holder by the U.S. postal
12service as undeliverable, if the apparent owner has reached the age for which an
13early withdrawal penalty does not apply.
AB752,19,1814 (b) If the 2nd communication is sent by the holder to the apparent owner later
15than 30 days after the date on which the first communication is returned to the
16holder by the U.S. postal service as undeliverable, the date on which the first
17communication was returned as undeliverable, if the apparent owner has reached
18the age for which an early withdrawal penalty does not apply.
AB752,19,2019 (c) The date on which the apparent owner becomes 70.5 years of age, if that can
20be determined by the holder.
AB752,19,2221 (d) Any of the following, if distribution to avoid a tax penalty is required under
22the Internal Revenue Code:
AB752,19,2423 1. The date on which the holder receives confirmation of the death of the
24apparent owner in the ordinary course of the holder's business.