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    Subdivision 1. Presumed abandonment. All intangible personal property, not otherwise
covered by sections 345.31 to 345.60, including any income or increment thereon, but excluding
any charges that may lawfully be withheld, that is held or owing in this state in the ordinary
course of the holder's business and has remained unclaimed by the owner for more than three
years after it became payable or distributable is presumed abandoned. Property covered by this
section includes, but is not limited to: (a) unclaimed worker's compensation; (b) deposits or
payments for repair or purchase of goods or services; (c) credit checks or memos, or customer
overpayments; (d) unidentified remittances, unrefunded overcharges; (e) unpaid claims, unpaid
accounts payable or unpaid commissions; (f) unpaid mineral proceeds, royalties or vendor checks;
and (g) credit balances, accounts receivable and miscellaneous outstanding checks. This section
does not include money orders. "Intangible property" does not include gift certificates, gift cards,
or layaway accounts issued or maintained by any person in the business of selling tangible
property or services at retail and such items shall not be subject to this section.
    Subd. 2. Cooperative property. Notwithstanding subdivision 1, any profit, distribution, or
other sum held or owing by a cooperative for or to a participating patron of the cooperative is
presumed abandoned only if it has remained unclaimed by the owner for more than seven years
after it became payable or distributable.
    Subd. 3. Unpaid compensation. Notwithstanding subdivision 1, unpaid compensation for
personal services or wages, including wages represented by unpresented payroll checks, owing in
the ordinary course of the holder's business that remain unclaimed by the owner for more than one
year after becoming payable are presumed abandoned.
History: 1969 c 725 s 9; 1977 c 137 s 7; 3Sp1981 c 2 art 1 s 63; 1982 c 495 s 3; 1987 c 336
s 42; 1992 c 513 art 3 s 68; 2000 c 488 art 2 s 24

Official Publication of the State of Minnesota
Revisor of Statutes