US Laws, Codes, Statutes & Cases

     308A.711 Distribution of unclaimed property. 

    Subdivision 1.    Alternate procedure to disburse 
 property.  Notwithstanding the provisions of section 345.43, a 
 cooperative may, in lieu of paying or delivering to the 
 commissioner of commerce the unclaimed property specified in its 
 report of unclaimed property, distribute the unclaimed property 
 to a corporation or organization that is exempt from taxation 
 under section 290.05, subdivision 1, paragraph (b), or 2.  

    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 Repealed, 2005 c 109 s 8 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. 

    HIST: 1989 c 144 art 1 s 39; 2000 c 483 s 49; 2005 c 109 s 1,2 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.