In this chapter:

Terms Used In Wisconsin Statutes 177.01

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • 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.
  • 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
  • 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.
  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
  • 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
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipality: includes cities and villages; it may be construed to include towns. See Wisconsin Statutes 990.01
  • 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.
  • 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: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
  • Property: includes real and personal property. See Wisconsin Statutes 990.01
  • State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
  • United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
   (1)   “Administrator” means the department of revenue.
   (1d)   “Administrator’s agent” means a person that the administrator contracts with to conduct an examination under subch. X on the administrator’s behalf, including an independent contractor of such person and each individual participating in the examination on behalf of the person or contractor.
   (2)   “Apparent owner” means a person whose name appears on the records of the holder as the owner of property held, issued, or owing by the holder.
   (5)   “Business association” means a corporation; joint stock company; investment company, not including an investment company registered under the Investment Company Act of 1940, as amended, 15 USC 80a-1 to 80a-64; business trust; partnership; unincorporated association; joint venture; limited liability company; trust company; land bank; safe deposit company; safekeeping depository; financial organization; insurance company; federally chartered entity; utility; sole proprietorship; or other business entity; regardless of whether any such entity is for profit.
   (5d)   “Confidential information” means records, reports, and information that are confidential under s. 177.1402.
   (6)   “Domicile” means the following:
      (a)    For a corporation, the state of its incorporation.
      (b)    For a business association, other than a corporation, that requires a filing with a state for its formation, the state of its filing.
      (c)    For a federally chartered entity or an investment company registered under the Investment Company Act of 1940, as amended, 15 USC 80a-1 to 80a-64, the state of its home office.
      (d)    For any other holder, the state of its principal place of business.
   (6d)   “Dormancy period” means the period of time, as specified for each property type in this chapter, that must pass before the property is presumed abandoned.
   (6f)   “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
   (6g)   “E-mail” means a communication by electronic means which is automatically retained and stored and may be readily accessed or retrieved.
   (7)   “Financial organization” means a savings and loan association, savings bank, building and loan association, credit union, industrial bank, bank, banking organization, trust company, land bank, safe deposit company, private banker, or any other organization defined by other law as a bank, banking organization, or financial institution.
   (7b)   “Game-related digital content” means digital content that exists only in an electronic game or electronic-game platform. “Game-related digital content” includes game play currency, such as a virtual wallet, even if denominated in U.S. currency and points sometimes referred to as gems, tokens, gold, and similar names, and digital codes, if for use or redemption only within the game or platform or another electronic game or electronic game platform. “Game-related digital content” does not include an item that the issuer permits to be redeemed for use outside of a game or platform and for money or goods and services that have more than minimal value or that the issuer otherwise monetizes for use outside of a game or platform.
   (7d)   
      (a)    “Gift card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, or services will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:
         1.    The value or amount does not expire.
         2.    The value or amount may be decreased only by redemption for merchandise, goods, or services.
         3.    The value or amount may not be redeemed for or converted into money or otherwise monetized by the issuer.
      (b)    “Gift card” includes the following:
         1.    A record that contains or consists of a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded, and the value or amount of which is decreased on each use and increased by payment of additional consideration.
         2.    A prepaid commercial mobile radio service, as defined in 47 C.F.R. 20.3, as amended.
      (c)    “Gift card” does not include the following:
         1.    A stored-value card.
         2.    A loyalty card.
         3.    A payroll card.
         4.    Game-related digital content.
   (8)   “Holder” means a person obligated to hold property subject to this chapter for the account of, or to deliver or pay to, the owner.
   (9)   “Insurance company” means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, which is engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection, and worker compensation insurance.
   (11d)   “Loyalty card” means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program and that may be used or redeemed only to obtain goods or services or a discount on goods or services. “Loyalty card” does not include a record that may be redeemed for money or otherwise monetized by the issuer.
   (11f)   “Mineral” means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this state other than this chapter.
   (11g)   “Mineral proceeds” means an amount payable for extraction, production, or sale of minerals or, on the abandonment of the amount, an amount that becomes payable after abandonment. “Mineral proceeds” includes an amount payable:
      (a)    For the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental.
      (b)    For the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, and production payment.
      (c)    Under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement.
   (11j)   “Money order” means a payment order for a specified amount of money. “Money order” includes an express money order and a personal money order on which the remitter is the purchaser.
   (11m)   “Municipal bond” means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state.
   (12)   “Owner” means a person having a legal, beneficial, or equitable interest in property subject to this chapter or the person’s legal representative acting on the person’s behalf. “Owner” includes the following:
      (a)    A depositor, for a deposit.
      (b)    A beneficiary, for a trust other than a deposit in trust.
      (c)    A creditor, claimant, or payee, for other property.
      (d)    The lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.
   (12d)   “Payroll card” means a record that evidences a payroll-card account, as defined in Regulation E, 12 C.F.R. part 1005, as amended.
   (13)   “Person” means an individual, business association, government, governmental subdivision, instrumentality, or agency, public corporation, estate, or any other legal entity.
   (13b)   
      (a)    “Property” means tangible property described in s. 177.0205 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder’s business or by a government, governmental subdivision, agency, or instrumentality.
      (b)    “Property” includes all of the following:
         1.    All income from or increments to the property.
         2.    Property referred to as or evidenced by:
            a.    Money, virtual currency, or interest.
            b.    A dividend, check, draft, deposit, or payroll card.
            c.    A credit balance, customer overpayment, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance.
            d.    A security, except for a worthless security or a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder’s or owner’s ability to receive, transfer, sell, or otherwise negotiate the security.
            e.    A bond, debenture, note, or other evidence of indebtedness.
            f.    Money deposited to redeem a security, make a distribution, or pay a dividend.
            g.    An amount due and payable under an annuity contract or insurance policy.
            h.    An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit.
      (c)    “Property” does not include the following:
         1.    Property held in a plan described in section 529A of the Internal Revenue Code.
         2.    Game-related digital content.
         3.    A loyalty card.
         4.    An in-store credit for returned merchandise.
         5.    A gift card.
         6.    A stored-value card.
         7.    Property described under s. 177.015 (2).
   (13d)   “Putative holder” means a person believed by the administrator to be a holder, until the person pays or delivers to the administrator property subject to this chapter or the administrator or a court makes a final determination that the person is or is not a holder.
   (13f)   “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
   (13h)   “Security” means all of the following:
      (a)    A security, as defined in s. 408.102 (1) (o).
      (b)    A security entitlement, as defined in s. 408.102 (1) (q), including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not any of the following:
         1.    Registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets.
         2.    Payable to the order of the person.
         3.    Specifically endorsed to the person.
      (c)    An equity interest in a business association that is not a security under par. (a) or a security entitlement under par. (b).
   (13j)   “Sign” means any of the following done with the intent to authenticate or adopt a record:
      (a)    To execute or adopt a tangible symbol.
      (b)    To attach to or logically associate with the record an electronic symbol, sound, or process.
   (14)   “State” means any state, district, commonwealth, territory, insular possession and any other area subject to the legislative authority of the United States.
   (14d)   
      (a)    “Stored-value card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, services, or money will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:
         1.    The value or amount does not expire.
         2.    The value or amount may be decreased only by redemption for merchandise, goods, services, or money.
         3.    The value or amount may be redeemed for or converted into money or otherwise monetized by the issuer.
      (b)    “Stored-value card” includes the following:
         1.    A record that contains or consists of a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded, and the value or amount of which is decreased on each use and increased by payment of additional consideration.
         2.    A prepaid commercial mobile radio service, as defined in 47 C.F.R. 20.3, as amended.
      (c)    “Stored-value card” does not include the following:
         1.    A payroll card.
         2.    A loyalty card.
         3.    A gift card.
         4.    Game-related digital content.
   (14m)   “U.S. savings bond” means a savings bond issued by the U.S. department of the treasury, whether in paper, electronic, or paperless form, and includes all proceeds of the savings bond.
   (15)   “Utility” means a person that owns or operates for public use any plant, equipment, real property, franchise, or license for the transmission of communications; the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; the provision of sewage or septic services; or the disposal or recycling of trash or garbage.
   (16)   “Virtual currency” means a digital representation of value used as a medium of exchange, unit of account, or store of value that does not have legal tender status recognized by the United States. “Virtual currency” does not include:
      (a)    The software or protocols governing the transfer of the digital representation of value.
      (b)    Game-related digital content.
      (c)    A loyalty card.
      (d)    A gift card.
   (17)   “Worthless security” means a security for which the cost of liquidation and delivery to the administrator exceeds the value of the security on the date on which a report is due under this chapter.