Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. You should check the State Laws for updates.
MINNESOTA STATUTES
Chapters 340 thru 348 POLICE REGULATIONS
CHAPTER 345 UNCLAIMED PROPERTY
Duty of consignee or bailee.
When any personal property shall be consigned to or deposited with
any forwarding merchant, wharfinger, warehouse operator, innkeeper, or
storage or express company, such consignee or bailee shall immediately
cause to be entered in a proper book kept by the consignee or bailee a
description of such property, with the date of its reception; and, if not
consigned or deposited for the purpose of being forwarded according to
directions received by such consignee or bailee at or before the reception
thereof, the consignee or bailee shall immediately notify the owner by
mail, if the owner's name and residence be known or can be reasonably ascertained.
Chap. 345, §345.01
Unclaimed property may be sold upon notice; summary sale.
If any property is not claimed or taken away within one year after
its reception, it may be sold upon 60 days' notice.
If it is perishable or subject to decay by keeping, it may be sold, if not taken away within 30 days, upon ten days' notice.
If it is in a state of decay, or manifestly liable to decay, it
may be summarily sold by order of any judge of the district court after
inspection and without notice. When not sold summarily, notice shall be
given to the owner personally or by mail. If the name of the owner is not
known, and cannot be ascertained with reasonable diligence, published notice
for the prescribed periods shall be given.
Chap. 345, §345.02
Proceedings if property not claimed.
If the owner or person entitled to the property does not take it
away and pay the charges on it after notice has been given, the person
having possession of it or the possessor's agent shall make and deliver
to the judge of any district court, an affidavit setting forth a description
of the property, the date of its reception, the giving of the notice, and
whether the owner is known or unknown.
Chap. 345, §345.03
Inventory; order of sale.
Upon the delivery of the affidavit, the judge shall cause the property
to be opened and examined in the judge's presence and a true inventory
made of it. The judge shall annex to the inventory an order that the property
described be sold at public auction by any constable or peace officer of
the municipality or town where it is located.
Chap. 345, §345.04
Notice and return of sale.
The constable or police officer receiving the inventory and order
shall sell the property at public auction to the highest bidder, in the
manner provided by law for constables' sales under execution, upon ten
days' posted notice. When the sale is completed, the constable or police
officer shall endorse upon the order a return of proceedings on it, and
return it to the court administrator, together with the inventory and the
proceeds of the sale, less fees.
Chap. 345, §345.05
Disposition of proceeds.
From the proceeds of the sale the court administrator shall pay
all legal charges incurred in relation to the property or, if the proceeds
are not sufficient to pay all the charges, a ratable proportion of each.
The balance, if any, shall be paid to the treasurer of the county where
the sale took place. The court administrator shall provide the treasurer
with a statement containing a description of the property sold, the gross
amount of the sale, and the amount of costs, charges, and expenses paid
to each person. The treasurer shall file the statement in the treasurer's
office, and make an entry of the amount received and the time when received.
Chap. 345, §345.06
Money deposited, how disposed of.
If the owner of the property sold, or the owner's legal representatives,
at any time within five years after such money is deposited in the county
treasury, shall furnish satisfactory evidence to the treasurer of the ownership
thereof, the treasurer shall pay to the owner or representative the amount
so deposited. If not so claimed within the time aforesaid, the money shall
belong to the county, and be credited to its general revenue fund.
Chap. 345, §345.07
Chap. 345, §345.08 Repealed, 1969 c 725 s 32
Unclaimed baggage; delivery to warehouse operator.
Personal baggage remaining in the possession of any carrier of
passengers for 30 days after having been carried to the station of such
carrier in performance of the contract in relation thereto, and any other
property remaining in the possession of any common carrier, at the office
or station of such carrier to which consigned, for 60 days after notice
given by mail to the consignee thereof, may be delivered by such carrier,
upon payment of reasonable charges for the transportation and storage thereof,
to any licensed storage company doing business in this state.
Chap. 345, §345.09
Storage liens.
Any storage company receiving such property shall provide suitable
storage therefor, and shall have a lien thereon for all charges paid the
carrier, and for its reasonable charges for handling, storing, insuring,
and safely keeping such property, with interest.
Chap. 345, §345.10
Sale; notice.
If such property is not claimed by the owner or the owner's agent
within 12 months after its receipt by such storage company, it may be sold
by such company at public auction. Before making sale three weeks' published
and posted notice thereof, describing the property and specifying the time
and place of sale, shall be given. The publication of such notice shall
also be made in a newspaper published at the county seat of the county
where the sale is to be made, and a copy thereof shall be mailed to the
owner, if the owner's address is known, or, with reasonable diligence,
can be ascertained.
Chap. 345, §345.11
Sale; proceeds.
The proceeds of the sale shall be applied to the payment of the
charges of the storage company and the expense of sale, and any surplus
shall be at once paid to the county treasurer, with a statement, as hereinbefore
prescribed, and be disposed of as so provided.
Chap. 345, §345.12
Warehouse operator's bond.
Before any warehouse operator or storage company shall be entitled
to the benefit of the provisions of this chapter, such warehouse operator
or storage company shall give bond to the state, to be approved by the
governor, in the sum of $10,000, conditioned for the faithful performance
of all duties enjoined upon the obligor under this chapter, which bond
shall be for the use of any party interested, and shall be filed in the
office of the court administrator of the district court of the county where
the business of such warehouse operator is conducted.
Chap. 345, §345.13
Fees of court administrators.
For services performed under the provisions of this chapter, court
administrators of district court shall be allowed $1 for each day, and
constables the same fees as are allowed by law for sales upon execution,
and ten cents per folio for making an inventory of the property.
Chap. 345, §345.14
Counties, unclaimed property; disposition; duty of sheriff.
Subdivision 1. The sheriff of any county may seize and retain any
personal property abandoned upon any public way, sidewalk, or other public
premises or any property or exhibits entered in evidence in any judicial
proceeding as are released by order of the court. The sheriff shall, after
holding the property for a period of at least three months, sell the same
at public auction giving reasonable public notice of the time and place
of such sale in a newspaper of general circulation within the county. The
notice shall give a brief description of the articles to be sold and the
time and place of sale. The sale shall be made by the sheriff or under
the sheriff's direction.
The owner of any such property upon application and satisfactory
proof of ownership may recover the property or, within one month of the
sale, the net proceeds of the sale of such property. The sheriff shall
transfer the net proceeds from the sale of property to the county treasurer
to be credited to the general revenue fund and to be deposited as provided
by law. The net proceeds shall be the sale price less any costs of handling,
storage, or sale.
Chap. 345, §345.15
Dies, molds; ownership.
Subdivision 1. For purposes of this section:
(a) "Customer" means any individual or entity who causes or caused a molder to fabricate, cast, or otherwise make a die, mold, or form to be used for the manufacture of metal or plastic products.
(b) "Molder" means any individual or entity, including, but not limited to, a tool or die maker, who fabricates, casts, or otherwise makes a die, mold, or form to be used for the manufacture of metal or plastic products.
Subd. 2. In the absence of any agreement to the contrary, the customer shall have all rights and title to any die, mold, or form in the possession of the molder.
Subd. 3. If a customer does not claim possession from a molder of a die, mold, or form within three years following the last prior use thereof, all rights and title to any die, mold, or form may be transferred by operation of law to the molder for the purpose of destroying or otherwise disposing of such die, mold, or form, consistent with this section.
Subd. 4. If a molder chooses to have all rights and title to any die, mold, or form transferred to the molder by operation of law, the molder shall send written notice by certified mail to the customer's last known address indicating that the molder intends to terminate the customer's rights and title by having all rights and title transferred to the molder by operation of law pursuant to this section.
Subd. 5. If a customer does not respond in person or by
mail to claim possession of the particular die, mold, or form within 90
days following the date the notice was sent, or does not make other contractual
arrangements with the molder for storage thereof, all rights and title
of the customer shall transfer by operation of law to the molder. Thereafter,
the molder may destroy or otherwise dispose of the particular mold, tool,
or die as the molder's own property without any risk of liability to the
customer, except that this section shall not be construed in any manner
to affect any right of the customer, under federal patent or copyright
law or any state or federal law pertaining to unfair competition.
Chap. 345, §345.20
Bonds issued by religious organizations.
Bonds issued by religious organizations are exempt from sections
345.31 to 345.60 and are not otherwise subject to escheat.
Chap. 345, §345.25
Definitions and use of terms.
Subdivision 1. Scope. As used in sections 345.31 to 345.60, unless the context otherwise requires, the terms defined in this section shall have the meanings ascribed to them.
Subd. 2. Banking organization. "Banking organization" means any bank, trust company, savings bank, safe deposit company or private banker engaged in business in this state.
Subd. 3. Business association. "Business association" means any corporation, joint stock company, business trust, partnership, cooperative, or any association for business purposes of two or more individuals.
Subd. 3a. Commissioner. "Commissioner" means the commissioner of commerce.
Subd. 4. Financial organization. "Financial organization" means any savings association, credit union, industrial loan and thrift company or investment company engaged in business in this state.
Subd. 5. Holder. "Holder" means any person in possession of property subject to sections 345.31 to 345.60 belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to sections 345.31 to 345.60.
Subd. 6. Life insurance corporation. "Life insurance corporation" means any association or corporation, including a fraternal benefit society as defined in section 64B.01, transacting within this state the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities.
Subd. 6a. Money order. "Money order" includes an express money order and a personal money order, on which the remitter is the purchaser. The term does not include a bank order or any other instrument sold by a financial organization if the seller has obtained the name and address of the payee.
Subd. 7. Owner. "Owner" means a depositor in case of a deposit, a beneficiary in case of a trust, a creditor, claimant or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to sections 345.31 to 345.60 or the person's legal representative.
Subd. 8. Person. "Person" means any individual, business association, government or political subdivision, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.
Subd. 9. Utility. "Utility" means any person who owns or
operates within this state, for public use, any plant, equipment, property,
franchise or license for the transmission of communications or the production,
storage, transmission, sale, delivery or furnishing of electricity, water,
steam or gas.
Chap. 345, §345.31
Property held by banking or financial organizations or by business associations.
The following property held or owing by a banking or financial organization or by a business association is presumed abandoned:
(a) Any demand, savings or matured time deposit made in this state with a banking organization, together with any interest or dividend thereon, excluding contracted service charges which may be deducted for a period not to exceed one year, unless the owner has, within three years:
(1) increased or decreased the amount of the deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest; or
(2) corresponded in writing with the banking organization concerning the deposit; or
(3) otherwise indicated an interest in the deposit as evidenced by a memorandum on file with the banking organization; or
(4) received tax reports or regular statements of the deposit by mail from the banking or financial organization regarding the deposit.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(5) acted as provided in paragraphs (1), (2), (3) and (4) of this subsection in regard to another demand, savings or time deposit made with the banking or financial organization.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) Any funds or dividends deposited or paid in this state toward the purchase of shares or other interest in a business association where the stock certificates or other evidence of interest in the business have not been issued, or in a financial organization, and any interest or dividends thereon, excluding contracted service charges which may be deducted for a period not to exceed one year, unless the owner has within three years:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(1) increased or decreased the amount of the funds or deposit, or presented an appropriate record for the crediting of interest or dividends; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(2) corresponded in writing with the financial organization concerning the funds or deposit; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(3) otherwise indicated an interest in the funds or deposit as evidenced by a memorandum on file with the financial organization; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(4) received tax reports or regular statements of the deposit or accounting by mail from the financial organization or business association regarding the deposit. Receipt of the statement by the owner should be presumed if the statement is mailed first class by the financial organization or business association and not returned.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(c) Any sum, excluding contracted service charges which may be deducted for a period not to exceed one year, payable on checks certified in this state or on written instruments issued in this state, or issued in any other state the law in which for any reason does not apply to the abandonment of sums payable on checks certified in that state or written instruments issued in that state, on which a banking or financial organization or business association is directly liable, including, by way of illustration but not of limitation, drafts, money orders and traveler's checks, that has been outstanding for more than three years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of traveler's checks, has been outstanding for more than 15 years from the date of its issuance, or, in the case of money orders, has been outstanding for more than seven years from the date of its issuance, unless the owner has within three years, or within 15 years in the case of traveler's checks, or within seven years in the case of money orders, corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(d) Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository in this state on which the lease or rental period has expired due to nonpayment of rental charges or other reason, that have been unclaimed by the owner for more than five years from the date on which the lease or rental period expired.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(1) If the amount due for the use or rental of a safe deposit box has remained unpaid for a period of six months, the bank, savings bank, trust company, savings and loan, or safe deposit company shall, within 60 days of the expiration of that period, send by certified mail, addressed to the renter or lessee of the safe deposit box, directed to the address standing on its books, a written notice that, if the amount due for the use or rental of the safe deposit box is not paid within 60 days after the date of the mailing of the notice, it will cause the safe deposit box to be opened and its contents placed in one of its general safe deposit boxes.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(2) Upon the expiration of 60 days from the date of mailing the notice, and in default of payment within the 60 days of the amount due for the use or rental of the safe deposit box, the bank, savings bank, trust company, savings and loan, or safe deposit company, in the presence of its president, vice-president, secretary, treasurer, assistant secretary, assistant treasurer or superintendent, or such other person as specifically designated by its board of directors, and of a notary public not in its employ, shall cause the safe deposit box to be opened and the contents thereof, to be removed and sealed by the notary public in a package, in which the notary public shall enclose a detailed description of the contents of the safe deposit box and upon which the notary public shall mark the name of the renter or lessee and, in the presence of one of the bank officers listed above, the notary public shall place the package in one of the bank's general safe deposit boxes and set out the proceedings in a certificate under the notary public's official seal, which shall be delivered to the bank, savings bank, trust company, savings and loan, or safe deposit company.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(3) The bank, savings bank, trust company, savings and loan, or safe deposit company shall hold the contents of abandoned safe deposit boxes until they are claimed by the owner or the bank turns them over to the commissioner pursuant to this chapter.
Chap. 345, §345.32
Dormancy charge for money orders.
Notwithstanding any law to the contrary, a holder may annually
deduct, from a money order presumed abandoned, a charge imposed by reason
of the owner's failure to claim the property within a specified time. The
holder may deduct the charge only if: (1) there is a valid and enforceable
written contract between the holder and the owner under which the holder
may impose the charge; (2) the holder regularly imposes the charge; and
(3) the charge is not regularly reversed or otherwise canceled. The total
amount of the deduction is limited to an amount that is not unconscionable.
Chap. 345, §345.321
Unclaimed funds held by life insurance corporations.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) Unclaimed funds, as defined in this section, held and owing by a life insurance corporation shall be presumed abandoned if the last known address, according to the records of the corporation, of the person entitled to the funds is within this state. If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the corporation.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) "Unclaimed funds," as used in this section, means all moneys held and owing by any life insurance corporation unclaimed and unpaid for more than three years after the moneys became due and payable as established from the records of the corporation under any life or endowment insurance policy or annuity contract which has matured. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding three years, (1) assigned, readjusted or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the life insurance corporation concerning the policy. Moneys or drafts otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.
Chap. 345, §345.33
Deposits held by utilities.
Any deposit held or owing by any utility made by a subscriber to
secure payment for, or any sum paid in advance for, utility services to
be furnished in this state, excluding any charges that may lawfully be
withheld, that has remained unclaimed by the person appearing on the records
of the utility entitled thereto for more than one year after the termination
of the services for which the deposit or advance payment was made is presumed
abandoned.
Chap. 345, §345.34
Stock and other intangible interests in business associations.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) Except as provided in paragraphs (b) and (e), stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend distribution or other sum payable as a result of the interest has remained unclaimed by the owner for three years and the owner within three years has not:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(1) communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(2) otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) At the expiration of a three-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least three dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. If three dividends, distributions, or other sums are paid during the three-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable. If three dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been three dividends, distributions, or other sums that have not been claimed by the owner.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(c) The running of the three-year period of abandonment ceases immediately upon the occurrence of a communication referred to in paragraph (a). If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(d) At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(e) This section does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within three years communicated in any manner described in paragraph (a).
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(f) For purposes of this section, stock or other intangible ownership interest in a business association is presumed abandoned if:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(1) it is held or owing by a business association organized under the laws of or created in this state; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(2) it is held or owing by a business association doing business in this state, but not organized under the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state.
Chap. 345, §345.35
Property of business associations and banking or financial organizations
held in course of dissolution.
All intangible personal property distributable in the course of
a voluntary dissolution of a business association, banking organization
or financial organization organized under the laws of or created in this
state, that is unclaimed by the owner within six months after the date
for final distribution, is presumed abandoned.
Chap. 345, §345.36
Property held by fiduciaries.
All intangible personal property and any income or increment thereon,
held in a fiduciary capacity for the benefit of another person is presumed
abandoned unless the owner has, within three years after it becomes payable
or distributable, increased or decreased the principal, accepted payment
of principal or income, corresponded in writing concerning the property,
or otherwise indicated an interest as evidenced by a memorandum on file
with the fiduciary if:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) the property is held by a banking organization or a financial organization or by a business association organized under the laws of or created in this state; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) it is held by a business association, doing business in this state, but not organized under the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(c) it is held in this state by any other person.
Chap. 345, §345.37
Property held by state courts and public officers and agencies.
Subdivision 1. All intangible personal property held for the owner by any court, public corporation, public authority or public officer of this state, or a political subdivision thereof, that has remained unclaimed by the owner for more than three years is presumed abandoned except as provided in section 524.3-914.
Subd. 2. This section shall not apply to property held for persons while residing in public correctional or other institutions. As to such persons, said property shall be presumed abandoned if it has remained unclaimed by the owner for more than three years after such residence ceases.
Subd. 3. All intangible personal property held for the owner by any government or political subdivision or agency, that has remained unclaimed by the owner for more than three years is presumed abandoned and is reportable pursuant to section 345.41, if:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) the last known address as shown on the records of the holder of the apparent owner is in this state; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) no address of the apparent owner appears on the records of the holder; and
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(1) the last known address of the apparent owner is in this state; or
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(2) the holder is domiciled in this state and has not previously transferred the property to the state of the last known address of the apparent owner.
Chap. 345, §345.38
Property held by Minnesota public pension fund.
No amounts of money held or owing by a public pension fund enumerated
in section 356.20, subdivision 2, or 356.30, subdivision 3, or governed
by sections 69.77 or 69.771 to 69.776 shall be presumed to have been abandoned
for purposes of sections 345.41, 345.42, 345.43, 345.47 and 345.48 if the
plan governing the public pension fund includes a provision governing the
disposition of unclaimed amounts of money.
Chap. 345, §345.381
Miscellaneous personal property held for another person.
Subdivision 1. Presumed abandonment. All intangible personal property, not otherwise covered by sections 345.31 to 345.60, including any income or increment thereon, but excluding any charges that may lawfully be withheld, that is held or owing in this state in the ordinary course of the holder's business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned. Property covered by this section includes, but is not limited to: (a) unclaimed worker's compensation; (b) deposits or payments for repair or purchase of goods or services; (c) credit checks or memos, or customer overpayments; (d) unidentified remittances, unrefunded overcharges; (e) unpaid claims, unpaid accounts payable or unpaid commissions; (f) unpaid mineral proceeds, royalties or vendor checks; and (g) credit balances, accounts receivable and miscellaneous outstanding checks. This section does not include money orders.
"Intangible property" does not include gift certificates, gift cards, or layaway accounts issued or maintained by any person in the business of selling tangible property or services at retail and such items shall not be subject to this section.
Subd. 2. Cooperative property. Notwithstanding subdivision 1, any profit, distribution, or other sum held or owing by a cooperative for or to a participating patron of the cooperative is presumed abandoned only if it has remained unclaimed by the owner for more than seven years after it became payable or distributable.
Subd. 3. Unpaid compensation. Notwithstanding subdivision
1, unpaid compensation for personal services or wages, including wages
represented by unpresented payroll checks, owing in the ordinary course
of the holder's business that remain unclaimed by the owner for more than
one year after becoming payable are presumed abandoned.
Chap. 345, §345.39
Reciprocity for property presumed abandoned or escheated under the laws of another state.
If specific property which is subject to the provisions of sections 345.32, 345.35, 345.36, 345.37 and 345.39 is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subjected to the jurisdiction of that state, the specific property is not presumed abandoned in this state and subject to sections 345.31 to 345.60 if:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) it may be validly claimed as abandoned or escheated under the laws of such other state; and
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) the laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last known address is within this state by a holder who is subject to the jurisdiction of this state.
Chap. 345, §345.40
Report of abandoned property.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) Every person holding funds or other property, tangible or intangible, presumed abandoned under sections 345.31 to 345.60 shall report annually to the commissioner with respect to the property as hereinafter provided.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) The report shall be verified and shall include:(1) except with respect to traveler's checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property of the value of $100 or more presumed abandoned under sections 345.31 to 345.60;
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(2) in case of unclaimed funds of life insurance corporations, the full name of the policyholder, insured or annuitant and that person's last known address according to the life insurance corporation's records;
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(3) the nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $100 each may be reported in aggregate;
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(4) the date when the property became payable, demandable or returnable, and the date of the last transaction with the owner with respect to the property; and
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(5) other information which the commissioner prescribes by rule as necessary for the administration of sections 345.31 to 345.60.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(c) If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed a name while holding the property, the holder shall file with the report all prior known names and addresses of each holder of the property.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(d) The report shall be filed before November 1 of each year as of June 30 next preceding, but the report of life insurance corporations shall be filed before October 1 of each year as of December 31 next preceding. The commissioner may postpone the reporting date upon written request by any person required to file a report.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(e) Not more than 120 days before filing the report required by this section, the holder in possession of property abandoned and subject to custody as unclaimed property under this chapter shall send written notice to the presumed owner at that owner's last known address informing the owner that the holder is in possession of property subject to this chapter and advising the owner of the steps necessary to prevent abandonment if:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(1) the holder has in its records an address for the presumed owner that the holder's records do not disclose to be inaccurate;
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(2) the claim of the apparent owner is not barred by the statute of limitations; and
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(3) the property has a value of $100 or more.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(f) Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer, and if made by a public corporation, by its chief fiscal officer.
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(g) Holders of property described in section 345.32 shall not impose any charges against property which is described in section 345.32, clause (a), (b) or (c).
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(h) Any person who has possession of property which the person has reason to believe will be reportable in the future as unclaimed property may, with the permission of the commissioner, report and deliver such property prior to the date required for reporting in accordance with this section.
Chap. 345, §345.41
Notice and publication of lists of abandoned property.
Subdivision 1. Within the calendar year next following the year in which abandoned property has been paid or delivered to the commissioner, the commissioner shall cause notice to be published at least once but not more than twice in an English language newspaper of general circulation in the county in this state in which is located the last known address of any person to be named in the notice. If no address is listed or if the address is outside this state, the notice shall be published in the county in which the holder of the abandoned property has a principal place of business within this state.
Subd. 2. The published notice shall be entitled "notice of names of persons appearing to be owners of abandoned property," and shall contain:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) the names in alphabetical order and last known addresses, if any, of persons listed in the report and entitled to notice within the county as hereinbefore specified;
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) a statement explaining that property of the owner has been presumed to be abandoned and has been taken into the protective custody of the commissioner; and
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(c) a statement that information about the abandoned property and its return to the apparent owner may be obtained at any time by a person having a legal or beneficial interest in that property by making an inquiry to the commissioner.
The commissioner is not required to publish in such notice any item of less than $100 unless the commissioner deems such publication to be in the public interest.
Subd. 3. Within the calendar year next following the year in which abandoned property has been paid or delivered to the commissioner, the commissioner may mail a notice to each person having an address listed therein who appears to be entitled to property of the value of $100 or more presumed abandoned under sections 345.31 to 345.60. Said notice shall contain:
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(a) a statement that, according to a report filed with the commissioner, property is being held to which the addressee appears entitled;
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(b) a statement explaining that property of the owner has been presumed to be abandoned and has been taken into the protective custody of the commissioner; and
Receipt of the statement by the owner should be presumed if the statement is mailed first class by the banking or financial organization and not returned; or(c) a statement that information about the abandoned property and its return to the apparent owner may be obtained at any time by a person having a legal or beneficial interest in that property by making an inquiry to the commissioner.
Subd. 4. This section is not applicable to sums payable on traveler's
checks or money orders presumed abandoned under section 345.32.
Chap. 345, §345.42
Payment or delivery of abandoned property.
Subdivision 1. Repealed, 1996 c 439 art 1 s 27
Subd. 2. Repealed, 1996 c 439 art 1 s 27
Subd. 2a. Holder's obligations. At the time of the filing of the report required under section 345.41 and with that report, the holder reporting property presumed abandoned and subject to custody as unclaimed property shall pay or deliver to the commissioner all of the property shown on the report and remaining unclaimed by the apparent owner.
Upon written request showing good cause, the commissioner may postpone the payment or delivery upon the terms or conditions the commissioner considers necessary and appropriate.
The property paid or delivered to the commissioner shall include all interest, dividends, increments, and accretions due, payable, or distributable on the property on November 1, or October 1 for a life insurance company. If payment or delivery is postponed, the property paid or delivered to the commissioner shall include accretions due, payable, or distributable on the day that the property is paid or delivered to the commissioner.
Subd. 3. Evidence of ownership. The holder of an interest
under section 345.35 shall deliver a duplicate certificate or other evidence
of ownership if the holder does not issue certificates of ownership to
the commissioner. Upon delivery of a duplicate certificate to the commissioner,
the holder and any transfer agent, registrar, or other person acting for
or on behalf of a holder in executing or delivering the duplicate certificate
is relieved of all liability of every kind in accordance with the provision
of section 345.44 to every person, including any person acquiring the original
certificate or the duplicate of the certificate issued to the commissioner,
for any losses or damages resulting to any person by the issuance and delivery
to the commissioner of the duplicate certificate.
Chap. 345, §345.43
Relief from liability by payment or delivery.
Upon the payment or delivery of abandoned property to the commissioner,
the state shall assume custody and shall be responsible for the safekeeping
thereof and for payment of any claim successfully brought against any holder
on account of any abandoned property paid or delivered to the commissioner.
Any person who pays or delivers abandoned property to the commissioner
under sections 345.31 to 345.60 is relieved of all liability to the extent
of the value of the property so paid or delivered for any claim which then
exists or which thereafter may arise or be made in respect to the property
by any claimant, including any state. The state indemnifies and holds harmless
such person as against any such claim and any loss and damage related thereto,
provided that such person shall notify the commissioner of any legal proceedings
against such person in relation to such claim within ten days after service
of process upon such person and thus give the state an opportunity of defending
such person in such proceeding. Any holder who has paid moneys to the commissioner
pursuant to sections 345.31 to 345.60 may make payment to any person reasonably
appearing to such holder to be entitled thereto, and upon proof of such
payment and proof that the payee reasonably appeared entitled thereto,
the commissioner shall forthwith reimburse the holder for the payment.
Chap. 345, §345.44
Income accruing after payment or delivery.
When property is paid or delivered to the commissioner under sections
345.31 to 345.60, the owner is not entitled to receive income or other
increments accruing thereafter.
Chap. 345, §345.45
Period of limitation not a bar.
The expiration of any period of time specified by statute or court
order, during which an action or proceeding may be commenced or enforced
to obtain payment of a claim for money or recovery of property, shall not
prevent the money or property from being presumed abandoned property, nor
affect any duty to file a report required by sections 345.31 to 345.60
or to pay or deliver abandoned property to the commissioner.
Chap. 345, §345.46
Sale of abandoned property.
Subdivision 1. Public sale. Except as provided in subdivisions 3 and 5, all abandoned property other than money delivered to the commissioner under sections 345.31 to 345.60 shall be sold by the commissioner to the highest bidder at public sale in whatever city in the state the commissioner judges to afford the most favorable market for the property involved. The sale must be held whenever the commissioner deems necessary but at least once every ten years. The commissioner may decline the highest bid and reoffer the property for sale if the commissioner considers the price bid insufficient. The commissioner need not offer any property for sale if of the opinion that the probable cost of sale exceeds the value of the property.
Subd. 2. Notice. Any sale held under this section shall be preceded by a single publication of notice thereof, at least three weeks in advance of sale in an English language newspaper of general circulation in the county where the property is to be sold.
Subd. 3. Securities. Securities listed on an established stock exchange shall be sold at the prevailing prices on the exchange. Other securities may be sold over the counter at prevailing prices or, with prior approval of the state board of investment, by another method the commissioner determines advisable. United States government savings bonds and United States war bonds shall be presented to the United States for payment.
Subd. 3a. Holding period. All securities presumed abandoned under section 345.35 and delivered to the commissioner must be held for at least three years before they are sold. A person making a claim under this section is entitled to receive either the securities delivered to the commissioner by the holder, if they still remain in the hands of the commissioner, or the proceeds received from the sale, but no person has any claim under this section against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the commissioner.
Subd. 4. Title to property. The purchaser at any sale conducted by the commissioner pursuant to sections 345.31 to 345.60 and the Minnesota historical society under subdivision 5 shall receive title to the property purchased or selected, free from all claims of the owner or prior holder thereof and of all persons claiming through or under them. The commissioner shall execute all documents necessary to complete the transfer of title.
Subd. 5. Historic items. The commissioner shall provide
the Minnesota historical society with an inventory of abandoned property,
other than money, six months prior to public sale. The society may
select for its collections any items it finds of historical value. The
society shall make its selection before the commissioner appraises or sorts
the material for public sale. The society has 90 days from the date of
notification by the commissioner to exercise the authority granted by this subdivision.
Chap. 345, §345.47
Deposit of funds.
Subdivision 1. All funds received under sections 345.31
to 345.60, including the proceeds from the sale of abandoned property pursuant
to section 345.47, shall forthwith be deposited by the commissioner in
the general fund of the state after deduction of the fees and expenses
provided for in section 345.485; except that unclaimed restitution payments
held by a court under section 345.38 shall be deposited in the crime victim
and witness account created in section 611A.612. Before making the
deposit the commissioner shall record the name and last known address of
each person appearing from the holders' reports to be entitled to the abandoned
property and of the name and last known address of each policyholder, insured
person, or annuitant, and with respect to each policy or contract listed
in the report of a life insurance corporation, its number, the name of
the corporation, and the amount due. The record shall be available for
public inspection at all reasonable business hours.
Chap. 345, §345.48
Recovery of property by others.
The commissioner may request that the attorney general of another
state or another person or entity in the other state make a demand or bring
an action to recover unclaimed property in the name of the commissioner
in the other state. The commissioner may request that another person or
entity make a demand or bring an action to recover unclaimed property in
this state in the name of the commissioner. This state shall pay all expenses
including attorney fees incurred under this section.
The commissioner may agree to pay fees to the person or entity making
the demand or bringing the action based in whole or in part on a percentage
of the value of any property recovered. Expenses paid under this section
shall not reduce the amount to which the claimant is entitled.
Chap. 345, §345.485
Claim for abandoned property paid or delivered.
Subdivision 1. Filing. Any person claiming an interest in any property delivered to the state under sections 345.31 to 345.60 may file a claim thereto or to the proceeds from the sale thereof on the form prescribed by the commissioner.
Subd. 2. Appropriation. There is hereby appropriated to
the persons entitled to a refund, from the fund in the state treasury to
which the money was credited, an amount sufficient to make the refund and
payment.
Chap. 345, §345.49
Determination of claims.
Subdivision 1. The commissioner shall consider any claim filed under sections 345.31 to 345.60 and may hold a hearing and receive evidence concerning it. If a hearing is held, the commissioner shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard and the reasons for the decision. The decision shall be a public record.
Subd. 2. If the claim is allowed, the commissioner shall
make payment forthwith. The claim shall be paid without deduction for costs
of notices or sale or for service charges.
Chap. 345, §345.50
Judicial action upon determinations.
Any person aggrieved by a decision of the commissioner or as to
whose claim the commissioner has failed to act within 90 days after the
filing of the claim, may commence an action in the district court to establish
a claim. The proceeding shall be brought within 90 days after the decision
of the commissioner or within 180 days from the filing of the claim if
the commissioner fails to act. The action shall be tried de novo without
a jury.
Chap. 345, §345.51
Agreements to locate reported property.
It is unlawful for a person to seek or receive from another person or contract with a person for a fee or compensation for locating property, knowing it to have been reported or paid or delivered to the commissioner pursuant to chapter 345 prior to 24 months after the date the property is paid or delivered to the commissioner.
No agreement entered into after 24 months after the date the property
is paid or delivered to the commissioner is valid if a person thereby undertakes
to locate property included in a report for a fee or other compensation
exceeding ten percent of the value of the recoverable property unless the
agreement is in writing and signed by the owner and discloses the nature
and value of the property and the name and address of the holder thereof
as such facts have been reported. Nothing in this section shall be construed
to prevent an owner from asserting at any time that an agreement to locate
property is based upon an excessive or unjust consideration.
Chap. 345, §345.515
Election to take payment or delivery.
The commissioner, after receiving reports of property deemed abandoned
pursuant to sections 345.31 to 345.60, may decline to receive any property
reported on deeming it to have a value less than the cost of giving notice
and holding sale, or the commissioner may, on deeming it desirable because
of the small sum involved, postpone taking possession until a sufficient
sum accumulates. Unless the holder of the property is notified to the contrary
within 120 days after filing the report required under section 345.41,
the commissioner shall be deemed to have elected to receive the custody
of the property.
Chap. 345, §345.52
Property having no apparent commercial or historical value.
The commissioner may withhold the property from sales under this
section. If it is determined that property delivered to the commissioner
has no commercial or historical value the commissioner may thereafter destroy
or otherwise dispose of the property, and in that event no action or proceeding
shall be brought or maintained against the state or any officer thereof
or against the holder for or on account of any action taken by the commissioner
pursuant to chapter 345 with respect to the property. The commissioner
shall keep a record of all items destroyed under this section, and all
items held by the historical society, including the name and address of
the owner of the property and the person who delivered the property to
the commissioner, the date of delivery, a description of the property destroyed
and the date of destruction.
Chap. 345, §345.525
Examination of records.
Subdivision 1. The commissioner may at reasonable times and upon reasonable notice examine the records of any person if there is reason to believe that the person has failed to report property that should have been reported pursuant to sections 345.31 to 345.60.
Subd. 2. If an examination of the records of a person results
in the disclosure of property reportable and deliverable under sections
345.31 to 345.60, the commissioner may assess the cost of the examination
against the holder at the rate of $15 per hour per examiner, but in no
case may the charges exceed the value of the property found to be reportable
and deliverable.
