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Minnesota Legislature

Office of the Revisor of Statutes

Key: (1) language to be deleted (2) new language

  

                         Laws of Minnesota 1991 

                        CHAPTER 229-S.F.No. 425 
           An act relating to unclaimed property; providing for 
          payment of certain expenses for claims made in other 
          states; amending Minnesota Statutes 1990, section 
          345.48, subdivision 1; proposing coding for new law in 
          Minnesota Statutes, chapter 345. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1990, section 345.48, 
subdivision 1, is amended to read: 
    Subdivision 1.  All funds received under sections 345.31 to 
345.60, including the proceeds from the sale of abandoned 
property pursuant to section 345.47, shall forthwith be 
deposited by the commissioner in the general fund of the 
state after deduction of the fees and expenses provided for in 
section 2; except that unclaimed restitution payments held by a 
court under section 345.38 shall be deposited in the crime 
victim and witness account created in section 609.101, 
subdivision 1.  Before making the deposit the commissioner shall 
record the name and last known address of each person appearing 
from the holders' reports to be entitled to the abandoned 
property and of the name and last known address of each 
policyholder, insured person, or annuitant, and with respect to 
each policy or contract listed in the report of a life insurance 
corporation, its number, the name of the corporation, and the 
amount due.  The record shall be available for public inspection 
at all reasonable business hours.  
    Sec. 2.  [345.485] [PROPERTY IN OTHER STATES.] 
    The commissioner may request that the attorney general of 
another state or another person or entity in the other state 
make a demand or bring an action to recover unclaimed property 
in the name of the commissioner in the other state.  This state 
shall pay all expenses including attorney fees incurred under 
this section.  The commissioner may agree to pay fees to the 
person or entity making the demand or bringing the action based 
in whole or in part on a percentage of the value of any property 
recovered.  Expenses paid under this section shall not reduce 
the amount to which the claimant is entitled. 
    Sec. 3.  [EFFECTIVE DATE.] 
    Sections 1 and 2 are effective the day following final 
enactment. 
    Presented to the governor May 24, 1991 
    Signed by the governor May 28, 1991, 9:34 a.m.