2007 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 308B Cooperative Associations Act
Section 308B.735 DISTRIBUTION OF UNCLAIMED PROPERTY.
308B.735 DISTRIBUTION OF UNCLAIMED PROPERTY.
Subdivision 1. Alternate procedure to disburse property. A cooperative may, in lieu of
paying or delivering to the state the unclaimed property specified in its report of unclaimed
property, distribute the unclaimed property to a business entity or organization that is exempt
from taxation.
Subd. 2.[Repealed, 2005 c 109 s 8]
Subd. 3. Owner's right extinguished on disbursement. The right of an owner to unclaimed
property held by a cooperative is extinguished when the property is disbursed by the cooperative
to a tax exempt organization if: (1) notice that the payment is available has been mailed to the last
known address of the person shown by the records to be entitled to the property; or (2) the address
is unknown, notice is published in an official publication of the cooperative.
History: 2003 c 105 art 1 s 67; 2004 c 228 art 1 s 54; 2005 c 109 s 3,4
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