Section 567.232 – Unclaimed Property From Dissolved Business Association.
567.232 Unclaimed property from dissolved business association. Sec. 12. Property distributable in the course of a dissolution of a business association that remains unclaimed by the owner for more than 1 year after the date specified for final distribution is presumed abandoned. History: 1995, Act 29, Eff. Mar. 28, 1996
Section 567.233 – Property Held in Fiduciary Capacity.
567.233 Property held in fiduciary capacity. Sec. 13. (1) Property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 3 years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or […]
Section 567.234 – Property Held by Court, Governmental Agency, or Public Corporation or Authority.
567.234 Property held by court, governmental agency, or public corporation or authority. Sec. 14. Property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority that remains unclaimed by the owner for more than 1 year after becoming payable or distributable is presumed abandoned. History: […]
Section 567.235 – Gift Certificate, Gift Card, or Credit Memo; Presumption of Abandonment; Considered as Used or Claimed; Presumption of Amount Abandoned; Act Inapplicable to Gift Certificate Defined in MCL 445.903e.
567.235 Gift certificate, gift card, or credit memo; presumption of abandonment; considered as used or claimed; presumption of amount abandoned; act inapplicable to gift certificate defined in MCL 445.903e. Sec. 15. (1) Except as provided in subsection (4), a gift certificate, gift card, or credit memo is presumed abandoned if either of the following apply: […]
Section 567.224 – Unclaimed Property; Conditions; Requirements.
567.224 Unclaimed property; conditions; requirements. Sec. 4. Unless otherwise provided in this act or by law, property is subject to the custody of this state as unclaimed property, if the conditions raising a presumption of abandonment under sections 3 and 6 to 17 are satisfied and 1 or more of the following requirements are met: […]
Section 567.224a – Exception.
567.224a Exception. Sec. 4a. (1) Except as provided in subsection (2), property is not subject to the custody of this state as unclaimed property if its value is $25.00 or less. (2) Subsection (1) does not apply to property described in section 11a or dividends. History: Add. 2015, Act 242, Imd. Eff. Dec. 22, 2015 […]
Section 567.225 – Outstanding Travelers Checks, Money Orders, or Similar Written Instruments.
567.225 Outstanding travelers checks, money orders, or similar written instruments. Sec. 5. (1) Subject to subsection (4), any sum payable on a travelers check that is outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within 15 years, has communicated in writing with the issuer concerning it or otherwise […]
Section 567.226 – Outstanding Checks, Drafts, or Similar Instruments.
567.226 Outstanding checks, drafts, or similar instruments. Sec. 6. (1) Any sum payable on a check, draft, or similar instrument, except those subject to section 5, on which a banking or financial organization is directly liable, including a cashier’s check and a certified check, which is outstanding for more than 3 years after it was […]
Section 567.227 – Demand, Savings, or Matured Time Deposit.
567.227 Demand, savings, or matured time deposit. Sec. 7. (1) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is […]
Section 567.228 – Unclaimed Life or Endowment Insurance Policy or Annuity Contract.
567.228 Unclaimed life or endowment insurance policy or annuity contract. Sec. 8. (1) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than 3 years after the funds became due and payable as established from the records of […]