Michigan Laws 567.246 – Claim of interest in property by another state
Current as of: 2023 | Check for updates
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(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 the records of the holder did not reflect the last known address of the apparent owner when the property was presumed abandoned under this act, and the other state establishes that the last known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.
Terms Used In Michigan Laws 567.246
- Administrator: means the state treasurer. See Michigan Laws 567.222
- 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
- Domicile: means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person. See Michigan Laws 567.222
- 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 567.222Last 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
(b) The last known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of that state the property has escheated to or become subject to a claim of abandonment by that state.
(c) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.
(d) The property was subjected to custody by this state under section 4(f) and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state.
(e) The property is the sum payable on a travelers check, money order, or other similar instrument that was subjected to custody by this state under section 5, and the instrument was purchased in the other state, and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.
(2) The claim of another state, under the laws of that state, to recover escheated or abandoned property shall be presented in a form prescribed by the administrator, who shall decide the claim within 90 days after it is presented. The administrator shall allow the claim if the administrator determines that the other state is entitled to the property under subsection (1).
(3) The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property.