2006 Michigan Compiled Laws - Act 29 of 1995

UNIFORM UNCLAIMED PROPERTY ACT
Act 29 of 1995
AN ACT concerning unclaimed property; to provide for the reporting and disposition of unclaimed property; to make uniform the law concerning unclaimed property; to prescribe the powers and duties of certain state agencies and officials; to prescribe penalties and provide remedies; and to repeal acts and parts of acts.

History: 1995, Act 29, Eff. Mar. 28, 1996

The People of the State of Michigan enact:

Document	Description
Section 567.221	Short title.
Section 567.222	Definitions.
Section 567.223	Unclaimed property held in ordinary course of business; presumption.
Section 567.224	Unclaimed property; conditions; requirements.
Section 567.225	Outstanding travelers checks, money orders, or similar written instruments.
Section 567.226	Outstanding checks, drafts, or similar instruments.
Section 567.227	Demand, savings, or matured time deposit.
Section 567.228	Unclaimed life or endowment insurance policy or annuity contract.
Section 567.228a	Unclaimed prepaid funeral contract.
Section 567.228b	Demutualization of insurance company; property; presumption; report; definition.
Section 567.229	Unclaimed deposit for utility services.
Section 567.230	Determination or order by court or administrative agency of refund by business association.
Section 567.231	Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231a	Abandonment of ownership interest; exceptions.
Section 567.232	Unclaimed property from dissolved business association.
Section 567.233	Property held in fiduciary capacity.
Section 567.234	Property held by court, governmental agency, or public corporation or authority.
Section 567.235	Unclaimed gift certificate or credit memo.
Section 567.236	Unpaid wages.
Section 567.237	Property held in safe deposit box or repository.
Section 567.238	Report of presumed abandoned property; duties of property holder.
Section 567.239	Notice; publication in newspaper; requirements.
Section 567.240	Payment or delivery of abandoned property to administrator; duplicate certificate.
Section 567.241	Payment or delivery of abandoned property to administrator; rights of property holder.
Section 567.242	Liquidation or conversion of property into money; receipt of dividends, interest, or other increments.
Section 567.243	Sale of abandoned property.
Section 567.244	Disposition of funds.
Section 567.245	Claim of interest in property.
Section 567.246	Claim of interest in property by another state.
Section 567.247	Action to establish claim in circuit court.
Section 567.248	Property declined by administrator; destruction or disposition of property by holder; failure of owner to act in relation to property for 2 years.
Section 567.249	Determination of insubstantial commercial value; destruction or disposition of property.
Section 567.250	Expiration of time period specified by contract, statute, or court order; commencement of proceeding.
Section 567.251	Verified report of whether unclaimed property is being held; examination of records to determine compliance with act; notice; costs of examination; failure to maintain records; insufficient records for preparation of report.
Section 567.252	Maintenance of records; required time periods.
Section 567.253	Enforcement of action; jurisdiction.
Section 567.254	Agreements with other states to exchange information; advisement and consultation; enforcement; action brought by attorney general in name of another state; action brought in another state in name of administrator.
Section 567.255	Failure to pay or deliver property; penalties; waiver.
Section 567.256	Agreement to compensate for recovery of property; enforcement.
Section 567.257	Property held, due, and owing in foreign country; applicability of act.
Section 567.258	Duty arising before effective date of act.
Section 567.259	Administrator as successor to state board of escheats.
Section 567.260	Rules.
Section 567.261	Applicability and construction of act.
Section 567.262	Applicability of act to property subject to another statute.
Section 567.263	Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.
Section 567.264	Repeal of §§ 567.11 to 567.76.
Section 567.265	Effective date.

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