1.1                          A bill for an act 
  1.2             relating to commerce; regulating unclaimed property 
  1.3             held by cooperatives and the right to receive or 
  1.4             recover unclaimed property; modifying public notice 
  1.5             requirements; amending Minnesota Statutes 2004, 
  1.6             section 308A.711, subdivision 3; 308B.735, subdivision 
  1.7             3; 345.42, subdivision 1; 345.46; repealing Minnesota 
  1.8             Statutes 2004, sections 308A.711, subdivisions 1, 2; 
  1.9             308B.735, subdivisions 1, 2; 345.39, subdivision 2; 
  1.10            345.42, subdivisions 2, 3, 4. 
  1.11  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.12     Section 1.  Minnesota Statutes 2004, section 308A.711, 
  1.13  subdivision 3, is amended to read: 
  1.14     Subd. 3.  [OWNER'S RIGHT EXTINGUISHED ON DISBURSEMENT.] The 
  1.15  right of an owner to unclaimed property held by a cooperative is 
  1.16  extinguished when the property is disbursed by the cooperative 
  1.17  to a tax-exempt organization in accordance with this 
  1.18  section. if:  (1) notice that the payment is available has been 
  1.19  mailed to the last known address of the person shown by the 
  1.20  records to be entitled to the property; or (2) the address is 
  1.21  unknown, notice is published in an official publication of the 
  1.22  cooperative. 
  1.23     A participating patron of the cooperative shall receive 
  1.24  notice pursuant to this subdivision if any profit, distribution, 
  1.25  or other sum held or owing by a cooperative has remained 
  1.26  unclaimed by the owner for more than seven years after it became 
  1.27  payable or distributable. 
  1.28     Sec. 2.  Minnesota Statutes 2004, section 308B.735, 
  2.1   subdivision 3, is amended to read: 
  2.2      Subd. 3.  [OWNER'S RIGHT EXTINGUISHED ON DISBURSEMENT.] The 
  2.3   right of an owner to unclaimed property held by a cooperative is 
  2.4   extinguished when the property is disbursed by the cooperative 
  2.5   to a tax exempt organization in accordance with this 
  2.6   section. if:  (1) notice that the payment is available has been 
  2.7   mailed to the last known address of the person shown by the 
  2.8   records to be entitled to the property; or (2) the address is 
  2.9   unknown, notice is published in an official publication of the 
  2.10  cooperative. 
  2.11     A participating patron of the cooperative shall receive 
  2.12  notice pursuant to this subdivision if any profit, distribution, 
  2.13  or other sum held or owing by a cooperative has remained 
  2.14  unclaimed by the owner for more than seven years after it became 
  2.15  payable or distributable. 
  2.16     Sec. 3.  Minnesota Statutes 2004, section 345.42, 
  2.17  subdivision 1, is amended to read: 
  2.18     Subdivision 1.  [COMMISSIONER'S DUTY TO PUBLISH.] Within 
  2.19  the calendar year next following the year in which abandoned 
  2.20  property has been paid or delivered to the commissioner, the 
  2.21  commissioner shall cause notice to be published at least once 
  2.22  but not more than twice in an English language newspaper of 
  2.23  general circulation in the county in this state in which is 
  2.24  located the last known address of any person to be named in the 
  2.25  notice.  If no address is listed or if the address is outside 
  2.26  this state, the notice shall be published in the county in which 
  2.27  the holder of the abandoned property has a principal place of 
  2.28  business within this state provide public notice of the 
  2.29  abandoned property in the manner and frequency the commissioner 
  2.30  determines to be most effective and efficient in communicating 
  2.31  to the persons appearing to be owners of this property.  Public 
  2.32  notice may include the use of print, broadcast, or electronic 
  2.33  media. 
  2.34     Sec. 4.  Minnesota Statutes 2004, section 345.46, is 
  2.35  amended to read: 
  2.36     345.46 [PERIOD OF LIMITATION NOT A BAR.] 
  3.1      (a) The expiration of any a period of time specified by 
  3.2   statute or court order, during which an action or proceeding may 
  3.3   be commenced or enforced to obtain payment of a claim for money 
  3.4   or recovery of property, shall not prevent the money or property 
  3.5   from being presumed abandoned property, nor affect any duty to 
  3.6   file a report required by sections 345.31 to 345.60 or to pay or 
  3.7   deliver abandoned property to the commissioner. limitation on 
  3.8   the owner's right to receive or recover property, whether 
  3.9   specified by contract, statute, or court order, does not 
  3.10  preclude the property from being presumed abandoned or affect a 
  3.11  duty to file a report or to pay or deliver or transfer property 
  3.12  to the administrator as required by sections 345.31 to 345.60.  
  3.13  This paragraph applies to any expiration of a period of 
  3.14  limitations that occurs whether before or after the effective 
  3.15  date of sections 345.31 to 345.60. 
  3.16     (b) An action or proceeding may not be maintained by the 
  3.17  administrator to enforce sections 345.31 to 345.60 in regard to 
  3.18  the reporting, delivery, or payment of property more than ten 
  3.19  years after the holder specifically identified the property in a 
  3.20  report filed with the administrator or gave express notice to 
  3.21  the administrator of a dispute regarding the property.  In the 
  3.22  absence of such a report or other express notice, the period of 
  3.23  limitation is tolled.  The period of limitation is also tolled 
  3.24  by the filing of a report that is fraudulent. 
  3.25     Sec. 5.  [REPEALER.] 
  3.26     Minnesota Statutes 2004, sections 308A.711, subdivisions 1 
  3.27  and 2; 308B.735, subdivisions 1 and 2; 345.39, subdivision 2; 
  3.28  and 345.42, subdivisions 2, 3, and 4, are repealed.