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2017 Michigan Compiled Laws
Chapter 567 - Escheats
Act 29 of 1995 UNIFORM UNCLAIMED PROPERTY ACT (567.221 - 567.265)
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
- 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 567.224a Exception.
- 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- Section 567.231 Repealed. 2004, Act 385, Imd.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 Gift certificate, gift card, or credit memo; presumption of abandonment; considered as used or claimed; presumption of amount abandoned; act inapplicable to gift certificate defined in MCL 445.903e.
- 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; administration and public awareness of unclaimed property filing and compliance requirements; applicability of certain provisions to owners of property on active duty military service.
- 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; deductions; transfer of funds to senior care respite fund.
- 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; exception; commencement of action or proceeding.
- Section 567.251 Verified report of unclaimed property being held; examination of records to determine compliance with act; notice; audit; incomplete records; cost of examination; failure to maintain records; insufficient records for preparation of report; issuance of check in streamlined process; "substantially complete records" defined.
- Section 567.251a Failure of holder to report or deliver unclaimed property; notice of examination determination; request for reconsideration; notice of appeal; hearing; decision; filing action in circuit court; waiver of penalties or interest; "notice of examination determination" defined.
- Section 567.251b Streamlined audit process; election; audit.
- 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; agreement between locator and apparent unclaimed property owner.
- Section 567.256a Receipt of unclaimed property account information by locator; value; format; registration of locator; prohibition.
- Section 567.257 Property held, due, and owing in foreign country; applicability of act.
- Section 567.257a Exemptions; "association" defined.
- 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 MCL 567.11 to 567.76.
- Section 567.265 Effective date.
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