2021 Wisconsin Statutes & Annotations
Chapter 177 - Uniform unclaimed property act.
177.0603 - Payment or delivery of property to administrator.

177.0603 Payment or delivery of property to administrator.

(1) Except as otherwise provided in this section, upon filing a report under s. 177.0401, the holder shall pay or deliver to the administrator the property described in the report.

(2) If property in a report under s. 177.0401 is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the administrator at the time of the report, the date for payment of the property to the administrator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the administrator of the extended date.

(3) After filing the report under s. 177.0401, property in a safe deposit box shall be delivered to the administrator no later than December 1.

(4) If property reported to the administrator under s. 177.0401 is a security, the administrator may do any of the following:

(a) Make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security.

(b) Dispose of the security under s. 177.0702.

(5) If the holder of property reported to the administrator under s. 177.0401 is the issuer of a certificated security, the administrator may obtain a replacement certificate in physical or book-entry form under s. 408.405. An indemnity bond is not required for purposes of this subsection.

(6) The administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the administrator by a holder.

(7) An issuer, holder, or transfer agent, or other person acting under this section under instructions of and on behalf of the issuer or holder, is not liable to the apparent owner for, and shall be indemnified by the state against, a claim arising with respect to property after the property has been delivered to the administrator.

History: 2021 a. 87.