Minnesota Session Laws - 1993, Regular Session

  
    Laws of Minnesota 1993 

                         CHAPTER 31-H.F.No. 399 
           An act relating to commerce; unclaimed property; 
          regulating certain notices and reports; amending 
          Minnesota Statutes 1992, sections 345.41; and 345.42, 
          subdivisions 2 and 3. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
     Section 1.  Minnesota Statutes 1992, section 345.41, is 
amended to read: 
    345.41 [REPORT OF ABANDONED PROPERTY.] 
    (a) Every person holding funds or other property, tangible 
or intangible, presumed abandoned under sections 345.31 to 
345.60 shall report annually to the commissioner with respect to 
the property as hereinafter provided. 
    (b) The report shall be verified and shall include: 
    (1) except with respect to traveler's checks and money 
orders, the name, if known, and last known address, if any, of 
each person appearing from the records of the holder to be the 
owner of any property of the value of $25 $100 or more presumed 
abandoned under sections 345.31 to 345.60; 
    (2) in case of unclaimed funds of life insurance 
corporations, the full name of the policyholder, insured or 
annuitant and that person's last known address according to the 
life insurance corporation's records; 
    (3) the nature and identifying number, if any, or 
description of the property and the amount appearing from the 
records to be due, except that items of value under $25 $100 
each may be reported in aggregate; 
    (4) the date when the property became payable, demandable 
or returnable, and the date of the last transaction with the 
owner with respect to the property; and 
    (5) other information which the commissioner prescribes by 
rule as necessary for the administration of sections 345.31 to 
345.60. 
    (c) If the person holding property presumed abandoned is a 
successor to other persons who previously held the property for 
the owner, or if the holder has changed a name while holding the 
property, the holder shall file with the report all prior known 
names and addresses of each holder of the property. 
    (d) The report shall be filed before November 1 of each 
year as of June 30 next preceding, but the report of life 
insurance corporations shall be filed before October 1 of each 
year as of December 31 next preceding.  The commissioner may 
postpone the reporting date upon written request by any person 
required to file a report. 
    (e) If the holder of property presumed abandoned under 
sections 345.31 to 345.60 knows the whereabouts of the owner and 
if the owner's claim has not been barred by the statute of 
limitations, the holder shall, before filing the annual report, 
inform the owner of the steps necessary to prevent abandonment 
from being presumed. 
    (f) Verification, if made by a partnership, shall be 
executed by a partner; if made by an unincorporated association 
or private corporation, by an officer, and if made by a public 
corporation, by its chief fiscal officer. 
    (g) Holders of property described in section 345.32 shall 
not impose any charges against property which is described in 
section 345.32, clause (a), (b) or (c). 
    (h) Any person who has possession of property which the 
person has reason to believe will be reportable in the future as 
unclaimed property may, with the permission of the commissioner, 
report and deliver such property prior to the date required for 
reporting in accordance with this section. 
    Sec. 2.  Minnesota Statutes 1992, section 345.42, 
subdivision 2, is amended to read: 
    Subd. 2.  The published notice shall be entitled "notice of 
names of persons appearing to be owners of abandoned property," 
and shall contain: 
    (a) the names in alphabetical order and last known 
addresses, if any, of persons listed in the report and entitled 
to notice within the county as hereinbefore specified; 
    (b) a statement that information concerning the amount or 
description of the property and the name and address of the 
holder may be obtained by any persons possessing an interest in 
the property by addressing an inquiry to the commissioner; and 
    (c) a statement that if proof of claim is not presented by 
the owner to the holder and if the owner's right to receive the 
property is not established to the holder's satisfaction within 
65 days from the date of the second published notice, the 
abandoned property will be placed not later than 85 days after 
such publication date in the custody of the commissioner to whom 
all further claims must thereafter be directed. 
    The commissioner is not required to publish in such notice 
any item of less than $25 $100 unless the commissioner deems 
such publication to be in the public interest. 
    Sec. 3.  Minnesota Statutes 1992, section 345.42, 
subdivision 3, is amended to read: 
    Subd. 3.  On or before April 1 of each year, the 
commissioner may mail a notice to each person having an address 
listed therein who appears to be entitled to property of the 
value of $25 $100 or more presumed abandoned under sections 
345.31 to 345.60.  Said notice shall contain: 
    (a) a statement that, according to a report filed with the 
commissioner, property is being held to which the addressee 
appears entitled; 
    (b) the name and address of the person holding the property 
and any necessary information regarding changes of name and 
address of the holder; and 
    (c) a statement that, if satisfactory proof of claim is not 
presented by the owner to the holder by the date specified in 
the published notice, the property will be placed in the custody 
of the commissioner to whom all further claims must be directed. 
    Sec. 4.  [EFFECTIVE DATE.] 
    This act is effective the day following final enactment. 
    Presented to the governor April 13, 1993 
    Signed by the governor April 15, 1993, 11:15 a.m.