2021 Wisconsin Statutes & Annotations
Chapter 177 - Uniform unclaimed property act.
177.0201 - When property presumed abandoned.

177.0201 When property presumed abandoned. Subject to s. 177.0210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below:

(1) A traveler's check, 15 years after issuance.

(2) A money order or similar instrument, 5 years after issuance.

(3) A state or municipal bond, bearer bond, or original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises.

(4) A debt of a business association owed to an individual, 3 years after the obligation to pay arises.

(5) A payroll card or demand, savings, or time deposit, including a deposit that is automatically renewable, 5 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner, except a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal.

(6) Money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, 5 years after the obligation arises.

(7) An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arises under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:

(a) With respect to an amount owed on a life or endowment insurance policy, 3 years after the earliest of the date on which the insurance company has knowledge of the death of the insured or the date on which the insured attained, or would have attained if living, the limiting age under the mortality table that forms the basis of the reserve for the policy.

(b) With respect to an amount owed on an annuity contract, 3 years after the date on which the insurance company has knowledge of the death of the annuitant.

(8) Property that may be distributed by a business association in the course of dissolution, one year after the property may be distributed.

(9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39, property held by a court, including property received as proceeds of a class action, one year after the property may be distributed.

(10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39, property held by a government or governmental subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, 5 years after the property may be distributed.

(11) Wages, commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, other than amounts held in a payroll card, one year after the amount becomes payable.

(12) A deposit or refund owed to a subscriber by a utility, one year after the deposit or refund becomes payable.

(13) Property not specified in this section or ss. 177.0202 to 177.0209, the earlier of 5 years after the owner first has a right to demand the property or the date on which the obligation to pay or distribute the property arises.

History: 2021 a. 87; s. 35.17 correction in (8).