2006 Minnesota Statutes

60B.47 UNCLAIMED AND WITHHELD FUNDS.
    Subdivision 1. Unclaimed funds. All unclaimed funds subject to distribution remaining in
the liquidator's hands when the liquidator is ready to apply to the court for discharge, including
the amount distributable to any creditor, shareholder, member, or other person who is unknown
or cannot be found or who is under disability with no person legally competent to receive that
person's distributive share, shall be deposited with the commissioner of finance to the credit
of the general fund, and shall be paid over without interest except in accordance with section
60B.44 to the person entitled thereto or a legal representative upon proof satisfactory to the
commissioner of finance of a right thereto. Any amount on deposit not claimed within six years
from the discharge of the liquidator is deemed abandoned and shall become the property of the
state. The commissioner of finance shall at the end of each fiscal year transfer these amounts
to the general fund.
    Subd. 2. Withheld funds. All funds withheld under section 60B.40 and not distributed shall
upon discharge of the liquidator be deposited with the commissioner of finance and paid in
accordance with section 60B.40. Any sums remaining which under section 60B.40 would revert
to the undistributed assets of the insurer shall be transferred to the commissioner of finance and
become the property of the state under subdivision 1, unless the commissioner petitions the court
to reopen the liquidation under section 60B.49.
History: 1969 c 399 s 1; 1969 c 708 s 47; 1986 c 444; 2003 c 112 art 2 s 50