2004 Minnesota Statutes

     308B.735 Distribution of unclaimed property. 

    Subdivision 1.    Alternate procedure to disburse 
 property.  A cooperative may, in lieu of paying or delivering 
 to the state the unclaimed property specified in its report of 
 unclaimed property, distribute the unclaimed property to a 
 business entity or organization that is exempt from taxation.  A 
 cooperative making the election to distribute unclaimed property 
 shall file with the Department 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 error in the presumption of abandonment; 

    (3) the name, address, and exemption number of the business 
 entity 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 by law 
 for cooperatives to report unclaimed property to the state and 
 the requirement that claims of owners are made to the 
 cooperatives for a period 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: 2003 c 105 art 1 s 67; 2004 c 228 art 1 s 54