Michigan Laws 567.223 – Unclaimed property held in ordinary course of business; presumption
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 567.223
- Holder: means a person, wherever organized or domiciled, who is 1 or more of the following:
(i) In possession of property belonging to another. See Michigan Laws 567.222Owner: means a depositor, in the case of a deposit; a beneficiary, in case of a trust other than a deposit in trust; a creditor, claimant, or payee, in the case of other intangible property; or a person having a legal or equitable interest in property subject to this act. See Michigan Laws 567.222 Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222
(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 for more than 3 years after it becomes payable or distributable is presumed abandoned.
(2) Property is payable or distributable for the purpose of this act, notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.