§ 567.221 Short title
§ 567.222 Definitions
§ 567.223 Unclaimed property held in ordinary course of business; presumption
§ 567.224 Unclaimed property; conditions; requirements
§ 567.224a Exception
§ 567.225 Outstanding travelers checks, money orders, or similar written instruments
§ 567.226 Outstanding checks, drafts, or similar instruments
§ 567.227 Demand, savings, or matured time deposit
§ 567.228 Unclaimed life or endowment insurance policy or annuity contract
§ 567.228a Unclaimed prepaid funeral contract
§ 567.228b Demutualization of insurance company; property; presumption; report; definition
§ 567.229 Unclaimed deposit for utility services
§ 567.230 Determination or order by court or administrative agency of refund by business association
§ 567.231a Abandonment of ownership interest; exceptions
§ 567.232 Unclaimed property from dissolved business association
§ 567.233 Property held in fiduciary capacity
§ 567.234 Property held by court, governmental agency, or public corporation or authority
§ 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
§ 567.236 Unpaid wages
§ 567.237 Property held in safe deposit box or repository
§ 567.238 Report of presumed abandoned property; duties of property holder; applicability of certain provisions to owners of property on active duty military service
§ 567.239 Notice; publication in newspaper; requirements
§ 567.240 Payment or delivery of abandoned property to administrator; duplicate certificate
§ 567.241 Payment or delivery of abandoned property to administrator; rights of property holder
§ 567.242 Liquidation or conversion of property into money; receipt of dividends, interest, or other increments
§ 567.243 Sale of abandoned property
§ 567.244 Disposition of funds; deductions; transfer of funds to senior care respite fund
§ 567.245 Claim of interest in property
§ 567.246 Claim of interest in property by another state
§ 567.247 Action to establish claim in circuit court
§ 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
§ 567.249 Determination of insubstantial commercial value; destruction or disposition of property
§ 567.250 Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding
§ 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; insuffic
§ 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
§ 567.251b Streamlined audit process; election; audit
§ 567.252 Maintenance of records; required time periods
§ 567.253 Enforcement of action; jurisdiction
§ 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
§ 567.255 Failure to pay or deliver property; penalties; waiver
§ 567.256 Agreement to compensate for recovery of property; enforcement; agreement between locator and apparent unclaimed property owner
§ 567.256a Receipt of unclaimed property account information by locator; value; format; registration of locator; prohibition
§ 567.257 Property held, due, and owing in foreign country; applicability of act
§ 567.257a Exemptions; “association” defined
§ 567.258 Duty arising before effective date of act
§ 567.259 Administrator as successor to state board of escheats
§ 567.260 Rules
§ 567.261 Applicability and construction of act
§ 567.262 Applicability of act to property subject to another statute
§ 567.264 Repeal of MCL 567.11 to 567.76
§ 567.265 Effective date

Terms Used In Michigan Laws > Chapter 567 > Act 29 of 1995 - Uniform Unclaimed Property Act

  • Administrator: means the state treasurer. See Michigan Laws 567.222
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • 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
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Attorney general: means the department of attorney general. See Michigan Laws 567.222
  • Banking organization: means a bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, or any organization defined by law as a bank or banking organization. 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
  • Business association: means a nonpublic corporation, joint stock company, investment company, business trust, partnership, or association for business purposes of 2 or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility. See Michigan Laws 567.222
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • 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
  • Eligible holder: means a holder that meets 1 or more of the following:
  (i) Is a business whose principal place of business is in this state as evidenced by 20% or more of its payroll or 20% or more of its real and tangible personal property, except inventory, owned or rented in this state during the period subject to examination or the majority of officers that direct, control, and coordinate the activities of the business are employed in this state. See Michigan Laws 567.222
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Financial organization: means a savings and loan association, cooperative bank, building and loan association, savings bank, or credit union. See Michigan Laws 567.222
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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 567.222
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Insurance 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
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Locator: means a person registered under section 36a(2) who locates owners of unclaimed property and enters into a written agreement with an owner to document entitlement to property and to locate, deliver, recover, or claim, or assist in locating, delivering, recovering, or claiming, property that is presumed abandoned, for compensation. See Michigan Laws 567.222
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Personal property: All property that is not real property.
  • Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • 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: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Utility: means a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. See Michigan Laws 567.222