HF 1094

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to commerce; providing that intangible 
  1.3             property does not include gift certificates or layaway 
  1.4             accounts; amending Minnesota Statutes 1998, section 
  1.5             345.39, subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 345.39, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [PRESUMED ABANDONMENT.] All intangible 
  1.10  personal property, not otherwise covered by sections 345.31 to 
  1.11  345.60, including any income or increment thereon, but excluding 
  1.12  any charges that may lawfully be withheld, that is held or owing 
  1.13  in this state in the ordinary course of the holder's business 
  1.14  and has remained unclaimed by the owner for more than three 
  1.15  years after it became payable or distributable is presumed 
  1.16  abandoned.  Property covered by this section includes, but is 
  1.17  not limited to:  (a) unclaimed worker's compensation; (b) 
  1.18  deposits or payments for repair or purchase of goods or 
  1.19  services; (c) credit checks or memos, or customer overpayments; 
  1.20  (d) unidentified remittances, unrefunded overcharges; (e) unpaid 
  1.21  claims, unpaid accounts payable or unpaid commissions; (f) 
  1.22  unpaid mineral proceeds, royalties or vendor checks; and (g) 
  1.23  credit balances, accounts receivable and miscellaneous 
  1.24  outstanding checks.  This section does not include money orders. 
  1.25  "Intangible property" does not include gift certificates, gift 
  2.1   cards, or layaway accounts issued or maintained by any person in 
  2.2   the business of selling tangible property at retail and such 
  2.3   items shall not be subject to this section.