Section 567.221 – Short Title.

567.221 Short title. Sec. 1. This act shall be known and may be cited as the “uniform unclaimed property act”. History: 1995, Act 29, Eff. Mar. 28, 1996

Section 567.222 – Definitions.

567.222 Definitions. Sec. 2. As used in this act, unless the context otherwise requires: (a) “Administrator” means the state treasurer. (b) “Apparent owner” means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. (c) “Attorney general” means the department of […]

Section 567.223 – Unclaimed Property Held in Ordinary Course of Business; Presumption.

567.223 Unclaimed property held in ordinary course of business; presumption. Sec. 3. (1) Except as otherwise provided by this act, all property, including any income or increment derived from the property, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder’s business and remains unclaimed by the owner […]

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 […]

Section 567.228a – Unclaimed Prepaid Funeral Contract.

567.228a Unclaimed prepaid funeral contract. Sec. 8a. (1) Funds held by a provider under the prepaid funeral contract funding act, 1986 PA 255, MCL 328.211 to 328.235, that remain unclaimed for a period of 3 years after the death of the contract beneficiary or, if no contract beneficiary has been designated under the prepaid funeral […]

Section 567.228b – Demutualization of Insurance Company; Property; Presumption; Report; Definition.

567.228b Demutualization of insurance company; property; presumption; report; definition. Sec. 8b. (1) Property distributable in the course of the demutualization of an insurance company is presumed abandoned as follows: (a) Any funds, 2 years after the date of the demutualization, if the funds remain unclaimed and the owner has not otherwise communicated with the holder […]

Section 567.229 – Unclaimed Deposit for Utility Services.

567.229 Unclaimed deposit for utility services. Sec. 9. A deposit, including any interest on the deposit, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than 1 year after termination […]

Section 567.230 – Determination or Order by Court or Administrative Agency of Refund by Business Association.

567.230 Determination or order by court or administrative agency of refund by business association. Sec. 10. Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency that remains unclaimed by the owner for more than 1 […]

Section 567.231 – Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.

567.231 Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004. Compiler’s Notes: The repealed section pertained to ownership interest in business association.

Section 567.231a – Abandonment of Ownership Interest; Exceptions.

567.231a Abandonment of ownership interest; exceptions. Sec. 11a. (1) Any stock, share, or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if both of the following apply: (a) The […]

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 567.236 – Unpaid Wages.

567.236 Unpaid wages. Sec. 16. (1) Unpaid wages greater than $50.00, including wages represented by unpresented payroll checks greater than $50.00, owing in the ordinary course of the holder’s business that remain unclaimed by the owner for more than 1 year after becoming payable are presumed abandoned. (2) Unpaid wages of $50.00 or less owing […]