567.237 Property held in safe deposit box or repository. Sec. 17. All property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder’s business and proceeds resulting from the sale of the property permitted by law, that remain unclaimed by the owner for more […]
567.238 Report of presumed abandoned property; duties of property holder; applicability of certain provisions to owners of property on active duty military service. Sec. 18. (1) A person holding property presumed abandoned and subject to this state’s custody as unclaimed property under this act shall report to the administrator concerning the property as provided in […]
567.239 Notice; publication in newspaper; requirements. Sec. 19. (1) The administrator shall cause a notice to be published once every 6 months in a newspaper that has statewide circulation. (2) The published notice shall be entitled “notice to persons and entities who may be owners of abandoned property” and contain all of the following: (a) […]
567.240 Payment or delivery of abandoned property to administrator; duplicate certificate. Sec. 20. (1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver to the administrator all abandoned property that is required to be reported under section 18 or any balance […]
567.241 Payment or delivery of abandoned property to administrator; rights of property holder. Sec. 21. (1) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all […]
567.242 Liquidation or conversion of property into money; receipt of dividends, interest, or other increments. Sec. 22. If property other than money is paid or delivered to the administrator under this act, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or […]
567.243 Sale of abandoned property. Sec. 23. (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords, in the judgment of the administrator, the most favorable […]
567.244 Disposition of funds; deductions; transfer of funds to senior care respite fund. Sec. 24. (1) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this act, including the proceeds from the sale of abandoned property under section 23. The administrator […]
567.245 Claim of interest in property. Sec. 25. (1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator under this act, may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant. (2) The administrator shall consider each claim […]
567.246 Claim of interest in property by another state. Sec. 26. (1) At any time after property has been paid or delivered to the administrator under this act, another state may recover the property if 1 or more of the following requirements are met: (a) The property was subjected to custody by this state because […]
567.247 Action to establish claim in circuit court. Sec. 27. A person who is aggrieved by a decision of the administrator or whose claim has not been acted upon within 90 days after its filing may bring an action to establish the claim in the circuit court, naming the administrator as a defendant. The action […]
567.248 Property declined by administrator; destruction or disposition of property by holder; failure of owner to act in relation to property for 2 years. Sec. 28. (1) The administrator may decline to receive property reported under this act that the administrator considers to have a value less than the expense of giving notice and of […]
567.249 Determination of insubstantial commercial value; destruction or disposition of property. Sec. 29. If the administrator determines after investigation that any property delivered under this act has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding shall not be maintained against the state or […]
567.250 Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding. Sec. 30. (1) The expiration, before or after the effective date of this act, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made […]
567.251 Verified report of unclaimed property being held; examination of records to determine compliance with act; notice; audit; incomplete records; cost of examination; failure to maintain records; insufficient records for preparation of report; issuance of check in streamlined process; “substantially complete records” defined. Sec. 31. (1) The administrator may require a person who has not […]
567.251a Failure of holder to report or deliver unclaimed property; notice of examination determination; request for reconsideration; notice of appeal; hearing; decision; filing action in circuit court; waiver of penalties or interest; “notice of examination determination” defined. Sec. 31a. (1) If the administrator determines that a holder has failed to report or deliver to the […]
567.251b Streamlined audit process; election; audit. Sec. 31b. (1) Eligible holders being examined by the administrator under section 31(2) may elect to follow the streamlined audit process described in this section. Eligible holders may elect the streamlined audit process by executing a nondisclosure agreement acceptable to the administrator within 30 days from the receipt of […]
567.252 Maintenance of records; required time periods. Sec. 32. (1) A holder required to file a report under section 18, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for 10 years, or, for […]
567.253 Enforcement of action; jurisdiction. Sec. 33. The administrator may bring an action in a court of competent jurisdiction to enforce this act. History: 1995, Act 29, Eff. Mar. 28, 1996
567.254 Agreements with other states to exchange information; advisement and consultation; enforcement; action brought by attorney general in name of another state; action brought in another state in name of administrator. Sec. 34. (1) The administrator may enter into an agreement with another state to exchange information needed to enable this or another state to […]
