2007 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.
    Subd. 2.[Repealed, 2005 c 109 s 8]
    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 if: (1) notice that the payment is available has been mailed to the last
known address of the person shown by the records to be entitled to the property; or (2) the address
is unknown, notice is published in an official publication of the cooperative.
History: 1989 c 144 art 1 s 39; 2000 c 483 s 49; 2005 c 109 s 1,2