AB752,41,13 (a) Make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security.

AB752,41,14 (b) Dispose of the security under s. 177.0702.

AB752,41,18 (5) If the holder of property reported to the administrator under s. 177.0401 is the issuer of a certificated security, the administrator may obtain a replacement certificate in physical or book-entry form under s. 408.405. An indemnity bond is not required for purposes of this subsection.

AB752,41,21 (6) The administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the administrator by a holder.

AB752,41,25 (7) An issuer, holder, or transfer agent, or other person acting under this section under instructions of and on behalf of the issuer or holder, is not liable to the apparent owner for, and shall be indemnified by the state against, a claim arising with respect to property after the property has been delivered to the administrator.

AB752,91 Section 91. 177.0604 of the statutes is created to read:

AB752,42,8 177.0604 Effect of payment or delivery of property to administrator. (1) On payment or delivery of property to the administrator under this chapter, the administrator, as agent for the state, assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property to the administrator in good faith and substantially complies with ss. 177.0501 and 177.0502 is relieved of liability arising thereafter with respect to payment or delivery of the property to the administrator.

AB752,42,12 (2) This state shall defend and indemnify a holder against liability on a claim against the holder resulting from the payment or delivery of property to the administrator made in good faith and after the holder substantially complied with ss. 177.0501 and 177.0502.

AB752,92 Section 92. 177.0605 of the statutes is created to read:

AB752,42,16 177.0605 Recovery of property by holder from administrator. (1) A holder that pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if any of the following applies:

AB752,42,17 (a) The holder paid the money in error.

AB752,42,19 (b) After paying the money to the administrator, the holder paid money to a person the holder reasonably believed was entitled to the money.

AB752,43,2 (2) If a claim for reimbursement under sub. (1) is made for a payment made on a negotiable instrument, including a travelers check, money order, or similar instrument, the holder shall submit proof that the instrument was presented and payment was made to a person the holder reasonably believed was entitled to payment. The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner's right to receive or recover property, whether specified by contract or court order and notwithstanding any law to the contrary.

AB752,43,4 (3) The administrator may only grant and pay a holder's claim under sub. (1) if the money being claimed is in the administrator's possession.

AB752,43,8 (4) If a holder is reimbursed by the administrator under sub. (1) (b), the holder may also recover from the administrator income or gain under s. 177.0607 that would have been paid to the owner if the money had been claimed from the administrator by the owner, to the extent the income or gain was paid by the holder to the owner.

AB752,43,11 (5) A holder that delivers property other than money to the administrator may file a claim for return of the property from the administrator if any of the following applies:

AB752,43,12 (a) The holder delivered the property in error.

AB752,43,13 (b) The apparent owner has claimed the property from the holder.

AB752,43,15 (6) The administrator may only grant and pay a holder's claim under sub. (5) if the property being claimed is in the administrator's possession.

AB752,43,18 (7) A holder that files a claim under sub. (5) shall include with the claim evidence sufficient to establish that the apparent owner claimed the property from the holder or that the holder delivered the property to the administrator in error.

AB752,43,21 (8) The administrator may determine that an affidavit submitted by a holder is evidence sufficient to establish that the holder is entitled to reimbursement or to recover property under this section.

AB752,43,23 (9) A holder is not required to pay a fee or other charge for reimbursement or return of property under this section.

AB752,44,2 (10) Not later than 120 days after a claim is filed under sub. (1) or (4), the administrator shall allow or deny the claim and give the claimant notice of the decision in a record. If the administrator does not take action on a claim during the 120-day period, the claim is deemed denied.

AB752,44,9 (11) If a holder's claim is denied under this section, the holder may petition for judicial review of the claim under s. 227.52, notwithstanding s. 227.52 (1), except that petitions for review shall be served and filed no later than 90 days after the decision of the administrator or no later than 180 days after the filing of the claim if the administrator has failed to act on it. If the holder establishes the claim in an action against the administrator, the hearing examiner or court may award costs and reasonable attorney fees as permitted by s. 227.483, 227.485, or 814.245.

AB752,44,13 (12) If a holder receives reimbursement under this section, or for any other reason under this chapter, and the holder is a debtor under s. 71.93 or 71.935, the administrator shall setoff the reimbursement against the holder's debts under s. 71.93 or 71.935.

AB752,93 Section 93. 177.0606 of the statutes is created to read:

AB752,44,21 177.0606 Property removed from safe deposit box. Property removed from a safe deposit box and delivered to the administrator is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. The administrator shall reimburse the holder from payment made by the apparent owner in the process of claiming the safe deposit box or the proceeds remaining after deducting the expense incurred by the administrator in selling the property.

AB752,94 Section 94. 177.0607 of the statutes is created to read:

AB752,45,5 177.0607 Income, interest, or gain while in the administrator's custody. If property is delivered to the administrator and income, interest, or gain is realized or accrued while in the custody of the administrator, upon a valid and allowed claim to the administrator, the owner is entitled to receive from the administrator income, interest, or gain realized or accrued on the property while in the custody of the administrator. Interest begins to accrue when the property is delivered to the administrator and shall be at the rate earned while in custody of the administrator.