Chapter 177, UNIFORM UNCLAIMED PROPERTY ACT

177.001 Short title. This chapter may be cited as the “Revised Uniform Unclaimed Property Act.” History: 2021 a. 87. UNCLAIMED PROPERTY ACT

177.01 Definitions. In this chapter: (1) “Administrator” means the department of revenue. (1d) “Administrator’s agent” means a person that the administrator contracts with to conduct an examination under subch. X on the administrator’s behalf, including an independent contractor …

177.015 Inapplicability to foreign transactions and other exemptions. (1) Notwithstanding this chapter, a cooperative organized under ch. 185 or 193 may effect the forfeiture to the cooperative of unclaimed funds as provided in ss. 185.03 (10), 185.75 (1), 193.301 (14), and 193.9…

177.016 Rules. The administrator may adopt any rules necessary to administer this chapter. History: 1983 a. 408; 2021 a. 87 s. 186; Stats. 2021 s. 177.016. SUBCHAPTER II PRESUMPTION OF ABANDONMENT

177.0201 When property presumed abandoned. Subject to s. 177.0210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: (1) A traveler’s check, 15 years after issuance. (2) A money order or similar instrument, 5 …

177.0202 When tax-deferred and tax-exempt retirement accounts presumed abandoned. (1) Subject to s. 177.0210, property held in a pension account or retirement account that qualifies for federal income tax deferral or tax exemption under the U.S. income tax laws is presumed abando…

177.0203 When other tax-deferred account presumed abandoned. Subject to s. 177.0210, and except for property described under s. 177.0202 and property held in a plan described in section 529A of the Internal Revenue Code, property held in an account or plan, including a health sav…

177.0204 When custodial account for a minor presumed abandoned. (1) Subject to s. 177.0210, property held in an account established under any state’s uniform gifts to minors act or uniform transfers to minors act is presumed abandoned if it is unclaimed by or on behalf of the min…

177.0205 When contents of safe deposit box presumed abandoned. Tangible property held in a safe deposit box and proceeds from a sale of the property by the holder permitted by law of this state other than this chapter are presumed abandoned if the property remains unclaimed by th…

177.0206 When U.S. savings bonds presumed abandoned. Except as provided in s. 177.0205, a U.S. savings bond that remains unredeemed by the owner for more than 5 years after the date of final maturity is presumed abandoned. In this section, “final maturity” means the date a U.S. s…

177.0207 When security presumed abandoned. (1) Subject to s. 177.0210, a security is presumed to be abandoned 3 years after the following: (a) The date on which a 2nd consecutive communication sent by the holder by 1st class mail to the apparent owner is returned to the holder by…

177.0208 When related property presumed abandoned. At and after the time property is presumed abandoned under this chapter, any property right or interest accrued or accruing from property presumed abandoned under this chapter is presumed abandoned. History: 2021 a. 87.

177.0209 Proceeds from sale of property in self-service storage facility. Notwithstanding any other provision under this chapter, the proceeds of a sale under s. 704.90 (6) of personal property stored in a leased facility located within a self-service storage facility is presumed…

177.0210 Indication of apparent owner interest in property. (1) Property is presumed abandoned from the later of the following: (a) The date on which the property is otherwise presumed abandoned under this subchapter. (b) The date on which the dormancy period has elapsed followin…

177.0211 Knowledge of death of insured or annuitant. (1) In this section, “death master file” means the federal social security administration death master file or other database or service that is at least as comprehensive as the federal social security administration death mast…

177.0212 Deposit account for proceeds of insurance policy or annuity contract. If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft writing privileges for the beneficiary of the policy or contract and…

177.0213 Property held by agents and fiduciaries. (1) Property and any income or increment derived from it held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 5 years after it has become payable or distributable, has incre…

177.0214 Distributions by certain insurance company activities. (1) Subject to s. 177.0210, property distributable in the course of a demutualization of an insurance company is presumed abandoned. (2) Subject to s. 177.0210, property distributable in the course of the dissolution…

177.0215 Refunds held by business associations. Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than…

177.0301 Address of apparent owner to establish priority. (1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner that identifies the state, even if the description, code, or indication of location is not…

177.0302 Address of apparent owner in this state. Unless otherwise provided in this chapter or by another law of this state, if property is presumed abandoned, the property is subject to reporting to and custody of this state whether located in this state, another state, or a for…

177.0303 If records show multiple addresses of apparent owner. (1) Except as provided in sub. (2), if records of a holder reflect multiple addresses for an apparent owner and this state is the state of the most recently recorded address, the property is subject to reporting to an…

177.0304 Holder domiciled in this state. (1) Except as provided in sub. (2) or s. 177.0302 or 177.0303, property presumed abandoned is subject to reporting to and custody of this state and the administrator may take custody of property presumed abandoned, whether located in this …

177.0305 Custody if transaction took place in this state. Except as provided in s. 177.0302, 177.0303, or 177.0304, property presumed abandoned is subject to reporting to and custody of this state and the administrator may take custody of property presumed abandoned whether locat…

177.0306 Traveler’s check, money order, or similar instrument. Sums payable on a traveler’s check, money order, or similar instrument presumed abandoned are subject to reporting to and custody of this state and the administrator may take custody of such sums to the extent permitt…

177.0307 Virtual currency. Virtual currency presumed abandoned is subject to reporting to and custody of this state if the holder is able to convert virtual currency to U.S. currency by sale, exchange, or any other disposition. The holder shall convert the virtual currency to U.S…

177.0308 Hazardous or dangerous items found in safe deposit box. Thirty days prior to delivery of any hazardous or dangerous items such as guns, chemicals, or explosives under s. 177.0205, the holder shall provide written notice to the administrator and deliver the hazardous or d…

177.0401 Report required by holder. (1) (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. (b) A holder shall report electronically in a format approved by the administ…

177.0402 Content of report. (1) The report required under s. 177.0401 shall be signed by or on behalf of the holder and verified as to its completeness and accuracy and be in a secure format, as approved by the administrator, that protects the apparent owner’s confidential inform…

177.0403 When report to be filed. (1) Subject to sub. (2), the report under s. 177.0401 shall be filed on or before November 1 of each year and cover the 12 months preceding July 1 of that year. (2) Before the due date for filing the report under s. 177.0401, the holder of proper…

177.0404 Retention of records by holder. (1) A holder required to file a report under s. 177.0401 shall retain records for 10 years after the later of the date on which the report was filed or the last date on which a timely report was due to be filed, unless a shorter period is …

177.0405 Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment. History: 2021 a. 87.

177.0406 Negative reporting. (1) The administrator may require any person or persons to file a report as otherwise prescribed in this section, except that the administrator may specify a deadline after the deadline specified in s. 177.0403. (2) The administrator may require any p…

177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the holder of property presumed abandoned shall send to the apparent owner notice by 1st class mail that complies with s. 177.0502, in a format acceptable to the administrator, not more than 120 days nor less t…

177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall contain a heading that reads substantially as follows: “Notice. The State of Wisconsin requires us to notify you that your property may be transferred to the custody of the state’s unclaimed property admini…

177.0503 Notice by administrator. (1) Before July 1 of each year, the administrator shall publish on an Internet site maintained by the administrator a notice of the names of apparent owners of abandoned property reported and remitted to the administrator. Except as provided in s…

177.0504 Cooperation among state officers and agencies to locate apparent owners. Unless otherwise prohibited by law, at the request of the administrator, each officer, agency, board, commission, division, or department of this state, any body politic or corporate created by this…

177.0505 Tax return identification of apparent owners. (1) Annually, before July 1, the administrator shall determine if either of the following applies to any apparent owner of abandoned property under s. 177.0503: (a) The apparent owner has filed a tax return in the 14 months p…

177.0601 Definition of good faith. In this subchapter, payment or delivery of property is made in good faith if any of the following applies: (1) The holder had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid…

177.0602 Dormancy charge. (1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if all of the following apply: (a) A valid written contract between the holder and the apparent owner authorizes imposition of the charge for th…

177.0603 Payment or delivery of property to administrator. (1) Except as otherwise provided in this section, upon filing a report under s. 177.0401, the holder shall pay or deliver to the administrator the property described in the report. (2) If property in a report under s. 177…

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 d…

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: (a) The holder paid the money in error. (b) After paying the…

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 r…

177.0607 Income, interest, or gain while in the administrator’s custody. (1) If property other than money is delivered to the administrator, the owner is entitled to receive income or gain realized or accrued on the property on or before the date the property is sold. (2) Except …

177.0608 Administrator’s options as to custody. The administrator may decline to take custody of property reported under s. 177.0401 if the administrator determines that any of the following applies: (1) The property has a value less than the estimated expenses of notice and sale…

177.0609 Disposition of property having no substantial value; immunity from liability. (1) If the administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value or that the cost of disposing of the p…

177.0610 Periods of limitation and repose. (1) Expiration, before, on, or after November 7, 2021, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract or court order, and notwithstanding any law to the contrary, does not prev…

177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and 177.1504, the administrator shall sell abandoned property within 3 years after receiving the property. (2) Before selling property under sub. (1), the administrator shall give notice to the public of the…

177.0702 Disposal of securities. (1) Unless the administrator determines that it is in the best interest of this state to do otherwise, the administrator shall hold all securities for at least one year before selling them. (2) The administrator may not sell a security listed on a…