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SUBCHAPTER ii
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presumption of abandonment
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12Section
52. 177.0201 of the statutes is created to read:
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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:
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16(1) A traveler's check, 15 years after issuance.
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17(2) A money order or similar instrument, 5 years after issuance.
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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.
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21(4) A debt of a business association owed to an individual, 3 years after the
22obligation to pay arises.
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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.
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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.
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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:
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(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.
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(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.
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19(8) Property that may distributed by a business association in the course of
20dissolution, one year after the property may be distributed.
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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.
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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.
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4(11) Wages, commissions, bonuses, or reimbursements to which an employee
5is entitled, or other compensation for personal services, other than amounts held in
6a payroll card, one year after the amount becomes payable.
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7(12) A deposit or refund owed to a subscriber by a utility, one year after the
8deposit or refund becomes payable.
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9(13) Property not specified in this section or ss. 177.0202 to 177.0209, the
10earlier of 5 years after the owner first has a right to demand the property or the date
11on which the obligation to pay or distribute the property arises.
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12Section
53. 177.0202 of the statutes is created to read:
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13177.0202 When tax-deferred retirement account presumed
14abandoned. (1) Subject to s. 177.0210, property held in a pension account or
15retirement account that qualifies for federal income tax deferral under the U.S.
16income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3
17years after the later of:
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(a) The following dates:
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1. The date on which a 2nd consecutive communication sent by the holder by
201st class mail to the apparent owner is returned to the holder by the U.S. postal
21service as undeliverable.
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2. If the 2nd communication is sent later than 30 days after the date on which
23the first communication is returned to the holder by the U.S. postal service as
24undeliverable, the date on which the first communication was returned as
25undeliverable.
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1(b) The earlier of the following dates:
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1. The date on which the apparent owner reaches the minimum required
3distribution age, as specified under the Internal Revenue Code or by federal
4regulation, if that can be determined by the holder.
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2. If distribution to avoid a tax penalty is required under the Internal Revenue
6Code, 2 years after the following:
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a. The date on which the holder receives confirmation of the death of the
8apparent owner in the ordinary course of the holder's business.
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b. The date on which the holder confirms the death of the apparent owner under
10sub. (2).