Mich. Comp. Laws § 567.221
Short title.
This act shall be known and may be cited as the "uniform unclaimed property act".
Michigan Compiled Laws — UNIFORM UNCLAIMED PROPERTY ACT (Act 29 of 1995)
Michigan · statute · 29 of 1995, Mich. Comp. Laws · 51 active provisions
Mich. Comp. Laws § 567.222
Definitions.
As used in this act, unless the context otherwise requires: (a) "Administrator" means the state treasurer. (b) "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. (c) "Attorney general" means the department of attorne…
Mich. Comp. Laws § 567.223
Unclaimed property held in ordinary course of business; presumption.
(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 distributabl…
Mich. Comp. Laws § 567.224
Unclaimed property; conditions; requirements.
Unless otherwise provided in this act or by law, property is subject to the custody of this state as unclaimed property, if the conditions raising a presumption of abandonment under sections 3 and 6 to 17 are satisfied and 1 or more of the following requirements are met: (a) The last known address, as shown on the reco…
Mich. Comp. Laws § 567.224a
Exception.
(1) Except as provided in subsection (2), property is not subject to the custody of this state as unclaimed property if its value is $25.00 or less. (2) Subsection (1) does not apply to property described in section 11a or dividends.
Mich. Comp. Laws § 567.225
Outstanding travelers checks, money orders, or similar written instruments.
(1) Subject to subsection (4), any sum payable on a travelers check that is outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within 15 years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other re…
Mich. Comp. Laws § 567.226
Outstanding checks, drafts, or similar instruments.
(1) Except as otherwise provided in section 17a, any sum payable on a check, draft, or similar instrument, except those subject to section 5, on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which is outstanding for more than 3 years after it was payabl…
Mich. Comp. Laws § 567.227
Demand, savings, or matured time deposit.
(1) Except as otherwise provided in section 17a, any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial…
Mich. Comp. Laws § 567.228
Unclaimed life or endowment insurance policy or annuity contract.
(1) Except as otherwise provided in subsection (2) and section 17a, funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than 3 years after the funds became due and payable as established from the records of the…
Mich. Comp. Laws § 567.228a
Unclaimed prepaid funeral contract.
(1) Funds held by a provider under the prepaid funeral contract funding act, 1986 PA 255, MCL 328.211 to 328.235, that remain unclaimed for a period of 3 years after the death of the contract beneficiary or, if no contract beneficiary has been designated under the prepaid funeral contract, 3 years after the death of th…
Mich. Comp. Laws § 567.228b
Demutualization of insurance company; property; presumption; report; definition.
(1) Property distributable in the course of the demutualization of an insurance company is presumed abandoned as follows: (a) Any funds, 2 years after the date of the demutualization, if the funds remain unclaimed and the owner has not otherwise communicated with the holder or its agent regarding the property as eviden…
Mich. Comp. Laws § 567.229
Unclaimed deposit for utility services.
A deposit, including any interest on the deposit, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than 1 year after termination of the services for which the deposit or advance…
Mich. Comp. Laws § 567.230
Determination or order by court or administrative agency of refund by business association.
Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency that remains unclaimed by the owner for more than 1 year after it became payable in accordance with the final determination or order providing…
Mich. Comp. Laws § 567.231a
Abandonment of ownership interest; exceptions.
(1) Any stock, share, or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if both of the following apply: (a) The interest in the association…
Mich. Comp. Laws § 567.232
Unclaimed property from dissolved business association.
Property distributable in the course of a dissolution of a business association that remains unclaimed by the owner for more than 1 year after the date specified for final distribution is presumed abandoned.
Mich. Comp. Laws § 567.233
Property held in fiduciary capacity.
(1) Except as otherwise provided in section 17a, property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 3 years after it has become payable or distributable, has increased or decreased the principal, accepted p…
Mich. Comp. Laws § 567.234
Property held by court, governmental agency, or public corporation or authority.
Property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority that remains unclaimed by the owner for more than 1 year after becoming payable or distributable is presumed abandoned.
Mich. Comp. Laws § 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.
(1) Except as provided in subsection (4) and section 17a, a gift certificate, gift card, or credit memo is presumed abandoned if either of the following applies: (a) The certificate, card, or memo is not claimed or used for a period of 3 years after becoming payable or distributable. (b) The certificate, card, or memo…
Mich. Comp. Laws § 567.236
Unpaid wages.
(1) Unpaid wages greater than $50.00, including wages represented by unpresented payroll checks greater than $50.00, owing in the ordinary course of the holder's business that remain unclaimed by the owner for more than 1 year after becoming payable are presumed abandoned. (2) Unpaid wages of $50.00 or less owing in th…
Mich. Comp. Laws § 567.237
Property held in safe deposit box or repository.
Except as otherwise provided in section 17a, all property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by law, that remain unclaimed by the owner for more than 3 years after the…
Mich. Comp. Laws § 567.237a
Dormancy period for military personnel.
The dormancy period described in sections 3(1), 5(2), 6(1), 7(1) and (5), 8(1), 13(1), 15(1), and 17 is 5 years if the owner of the property is on active duty military service or in the reserve component on active orders.
Mich. Comp. 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.
(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, i…
Mich. Comp. Laws § 567.239
Notice; publication in newspaper; requirements.
(1) The administrator shall cause a notice to be published once every 6 months in a newspaper that has statewide circulation. (2) The published notice shall be entitled "notice to persons and entities who may be owners of abandoned property" and contain all of the following: (a) A statement of the number of new propert…
Mich. Comp. Laws § 567.240
Payment or delivery of abandoned property to administrator; duplicate certificate.
(1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver to the administrator all abandoned property that is required to be reported under section 18 or any balance owing if an estimated payment was made under section 18. (2) The holder of an interest under s…
Mich. Comp. Laws § 567.241
Payment or delivery of abandoned property to administrator; rights of property holder.
(1) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any…
Page 1 of 3Next →