2004 Minnesota Statutes

     308A.711 Distribution of unclaimed property. 

    Subdivision 1.    Alternate procedure to disburse 
 property.  Notwithstanding the provisions of section 345.43, a 
 cooperative may, in lieu of paying or delivering to the 
 commissioner of commerce the unclaimed property specified in its 
 report of unclaimed property, distribute the unclaimed property 
 to a corporation or organization that is exempt from taxation 
 under section 290.05, subdivision 1, paragraph (b), or 2.  A 
 cooperative making the election to distribute unclaimed property 
 shall, within 85 days following the publication of lists of 
 abandoned property, file with the commissioner of commerce: 

    (1) a verified written explanation of the proof of claim of 
 an owner establishing a right to receive the abandoned property; 

    (2) any errors in the presumption of abandonment; 

    (3) the name, address, and exemption number of the 
 corporation or organization to which the property was or is to 
 be distributed; and 

    (4) the approximate date of distribution. 

    Subd. 2.    Reporting and claiming procedure not affected. 
  This subdivision does not alter the procedure provided in 
 sections 345.41 and 345.42 for cooperatives to report unclaimed 
 property to the commissioner of commerce and the requirement 
 that claims of owners are made to the cooperatives for a period 
 of 65 days following the publication of lists of abandoned 
 property. 

    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 in accordance with 
 this section.  

    HIST: 1989 c 144 art 1 s 39; 2000 c 483 s 49