SF 1360

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to commerce; regulating unclaimed property
held by cooperatives and the right to receive or
recover unclaimed property; modifying public notice
requirements; amending Minnesota Statutes 2004,
section 308A.711, subdivision 3; 345.42, subdivision
1; 345.46; repealing Minnesota Statutes 2004, sections
308A.711, subdivisions 1, 2; 345.39, subdivision 2;
345.42, subdivisions 2, 3, 4.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 308A.711,
subdivision 3, is amended to read:

Subd. 3.

Owner's right extinguished on disbursement.

The
right of an owner to unclaimed property held by a cooperative is
extinguished when the property is disbursed by the cooperative
to a tax-exempt organization deleted text begin in accordance with this
section. deleted text end new text begin if: (1) notice that the payment is available has been
mailed to the last known address of the person shown by the
records to be entitled to the property; or (2) the address is
unknown, notice is published in an official publication of the
cooperative.
new text end

new text begin A participating patron of the cooperative shall receive
notice pursuant to this subdivision if any profit, distribution,
or other sum held or owing by a cooperative has remained
unclaimed by the owner for more than seven years after it became
payable or distributable.
new text end

Sec. 2.

Minnesota Statutes 2004, section 345.42,
subdivision 1, is amended to read:

Subdivision 1.

Commissioner's duty deleted text begin to publish deleted text end .

Within
the calendar year next following the year in which abandoned
property has been paid or delivered to the commissioner, the
commissioner shall deleted text begin cause notice to be published at least once
but not more than twice in an English language newspaper of
general circulation in the county in this state in which is
located the last known address of any person to be named in the
notice. If no address is listed or if the address is outside
this state, the notice shall be published in the county in which
the holder of the abandoned property has a principal place of
business within this state deleted text end new text begin provide public notice of the
abandoned property in the manner and frequency the commissioner
determines to be most effective and efficient in communicating
to the persons appearing to be owners of this property. Public
notice may include the use of print, broadcast, or electronic
media new text end .

Sec. 3.

Minnesota Statutes 2004, section 345.46, is
amended to read:

345.46 PERIOD OF LIMITATION deleted text begin NOT A BAR deleted text end .

new text begin (a) new text end The expiration of deleted text begin any deleted text end new text begin a new text end period of deleted text begin time specified by
statute or court order, during which an action or proceeding may
be commenced or enforced to obtain payment of a claim for money
or recovery of property, shall not prevent the money or property
from being presumed abandoned property, nor affect any duty to
file a report required by sections 345.31 to 345.60 or to pay or
deliver abandoned property to the commissioner. deleted text end new text begin limitation on
the owner's right to receive or recover property, whether
specified by contract, statute, or court order, does not
preclude the property from being presumed abandoned or affect a
duty to file a report or to pay or deliver or transfer property
to the administrator as required by sections 345.31 to 345.60.
This paragraph applies to any expiration of a period of
limitations that occurs whether before or after the effective
date of sections 345.31 to 345.60.
new text end

new text begin (b) An action or proceeding may not be maintained by the
administrator to enforce sections 345.31 to 345.60 in regard to
the reporting, delivery, or payment of property more than ten
years after the holder specifically identified the property in a
report filed with the administrator or gave express notice to
the administrator of a dispute regarding the property. In the
absence of such a report or other express notice, the period of
limitation is tolled. The period of limitation is also tolled
by the filing of a report that is fraudulent.
new text end

Sec. 4. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2004, sections 308A.711, subdivisions 1
and 2; 345.39, subdivision 2; and 345.42, subdivisions 2, 3, and
4, are repealed.
new text end