Michigan Laws 567.238 – Report of presumed abandoned property; duties of property holder; applicability of certain provisions to owners of property on active duty military service
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Terms Used In Michigan Laws 567.238
- Administrator: means the state treasurer. See Michigan Laws 567.222
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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. See Michigan Laws 567.222
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- 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 567.222Insurance company: means an individual, association, corporation, fraternal or mutual benefit organization, or any other legal entity, whether or not for profit, that is engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 567.222 Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Michigan Laws 567.222 Owner: 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 Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, 2 or more persons having a joint or common interest, or any other legal or commercial entity. See Michigan Laws 567.222 Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222 State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See Michigan Laws 567.222 Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
(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 this section.
(2) The report required by this section must be verified and must include all of the following:
(a) The name, if known, Social Security number, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of property of the value of $50.00 or more presumed abandoned under this act. This subdivision does not apply to travelers checks or money orders.
(b) For unclaimed funds of $50.00 or more held or owing under any life or endowment insurance policy or annuity contract, the full name and last known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds.
(c) For the contents of a safe deposit box or other safekeeping repository or of other tangible property, a description of the property.
(d) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due. However, items of value under $50.00 each may be reported in the aggregate.
(e) The date the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property.
(f) Other information the administrator requires by rule as necessary for the administration of this act.
(3) If the person holding property presumed abandoned and subject to this state’s custody as unclaimed property under this act is a successor to other persons who previously held the property for the apparent owner, or the holder has changed its name while holding the property, the holder shall file with the report required by this section all known names and addresses of each previous holder of the property.
(4) Except as otherwise provided in this subsection, the report required by this section must be filed on or before July 1 of each year for the 12-month period ending on the immediately preceding March 31. The administrator may postpone the date to file a report on written request by any person required to file a report under this section. The administrator may extend the filing date for up to 60 days on written request.
(5) Not less than 60 days or more than 365 days before filing the report required by this section, the holder in possession of property presumed abandoned and subject to the state’s custody as unclaimed property under this act shall send written notice to the apparent owner at his or her last known address informing him or her that the holder is in possession of property subject to this act if all of the following requirements are met:
(a) The holder has in its records an address for the apparent owner that the holder’s records do not disclose to be inaccurate.
(b) The claim of the apparent owner is not barred by the statute of limitations.
(c) The property has a value of $50.00 or more or, if the holder filing a report under this section is reporting for the current report year at least 25,000 properties over $50.00 each, the property has a value of $100.00 or more.
(6) The provisions of 2010 PA 197 that modified dormancy periods of this act do not apply if the owner of the property is on active duty military service.