Chapter 345 — Uniform Disposition of Unclaimed Property Act

345.01 Duty of Consignee or Bailee Requires businesses that receive property for storage or shipping to record it and notify the owner if their name and … 345.02 Unclaimed Property May Be Sold Upon Notice; Summary Sale Allows unclaimed property to be sold after one year with 60 days notice, or sooner if it is perishable. 345.03 Proceedings if Property Not Claimed Sets rules for how unclaimed property sales are conducted and how the proceeds are handled. 345.04 Inventory; Order of Sale Requires the proceeds of unclaimed property sales to be held for the owner, minus storage and sale costs. 345.05 Notice and Return of Sale Allows courts to order the sale of perishable unclaimed property without the usual waiting period. 345.06 Disposition of Proceeds Requires proceeds from unclaimed property sales to be deposited as directed by law. 345.07 Money Deposited, How Disposed of Covers how money held by courts, agencies, and fiduciaries becomes unclaimed property if not claimed within set time … 345.08 This section has been repealed. 345.09 Unclaimed Baggage; Delivery to Warehouse Operator Allows carriers to deliver unclaimed passenger baggage to a storage company after 30 days, and other unclaimed freight … 345.10 Storage Liens Gives storage companies a lien on unclaimed property they receive from carriers, covering all charges for handling, … 345.11 Sale; Notice Allows storage companies to sell unclaimed property at public auction after 12 months, with three weeks of published … 345.12 Sale; Proceeds Proceeds from unclaimed property sales pay storage and sale costs first, with any leftover money going to the county … 345.13 Warehouse Operator's Bond Requires warehouse operators to post a summary: '',000 bond before they can use the unclaimed property sale provisions … 345.14 Fees of Court Administrators Sets fees for court administrators and peace officers who perform duties under this chapter, including per day and … 345.15 Counties, Unclaimed Property; Disposition; Duty of Sheriff Gives sheriffs the power to seize and sell unclaimed property held by counties after following notice and auction … 345.16 State; Unclaimed Property; Disposition; Duty of State Patrol Sets procedures for the State Patrol to dispose of unclaimed property in its possession through sale or destruction. 345.20 Dies, Molds; Ownership Sets rules for who owns custom-made dies, molds, and forms after the customer who ordered them stops using or paying for … 345.25 Bonds Issued by Religious Organizations Exempts bonds issued by religious organizations from the Uniform Unclaimed Property Act and from escheat to the state. 345.31 Definitions and Use of Terms Defines key terms used in the Uniform Unclaimed Property Act, including abandoned property, holder, and owner. 345.32 Property Held by Banking or Financial Organizations or by Business Associations Lists what types of property are considered abandoned and subject to Minnesota's unclaimed property law. 345.321 Dormancy Charge for Money Orders Allows holders of abandoned money orders to deduct a dormancy charge if allowed by the original written contract and … 345.33 Unclaimed Funds Held by Life Insurance Corporations Sets the general rule for when property is presumed abandoned based on the owner not contacting the holder for a set … 345.34 Deposits Held by Utilities Sets specific abandonment periods for bank accounts, safe deposit boxes, and other financial institution holdings. 345.35 Stock and Other Intangible Interests in Business Associations Sets abandonment periods for stocks, dividends, and other securities held by companies or transfer agents. 345.36 Property of Business Associations and Banking or Financial Organizations Held in Course of Dissolution Addresses abandonment of property held by insurance companies, including unclaimed life insurance proceeds and premium … 345.37 Property Held by Fiduciaries Sets abandonment rules for utility company deposits and refunds owed to customers. 345.38 Property Held by State Courts and Public Officers and Agencies Covers abandonment of wages, commissions, and other employment-related payments owed to workers. 345.381 Property Held by Minnesota Public Pension Fund Addresses specific types of unclaimed property such as gift cards, stored value cards, and similar instruments. 345.39 Miscellaneous Personal Property Held for Another Person Sets rules for when property held by government agencies or courts is presumed abandoned. 345.40 Reciprocity for Property Presumed Abandoned or Escheated Under the Laws of Another State Covers miscellaneous types of unclaimed property not addressed by other specific sections. 345.41 Report of Abandoned Property Requires holders of unclaimed property to report it to the state commerce department and eventually turn it over to the … 345.42 Notice and Publication of Lists of Abandoned Property Sets the content and format requirements for unclaimed property reports that holders must file with the state. 345.43 Payment or Delivery of Abandoned Property Requires holders to send written notice to owners before reporting their property as unclaimed to the state. 345.44 Relief From Liability by Payment or Delivery Sets the procedures for holders to pay or deliver unclaimed property to the state commerce department. 345.45 Describes what happens to unclaimed property after the state receives it, including how it is held and invested. 345.451 Crediting Income or Gain to Owner's Account Requires the state to credit income or gains earned on unclaimed property to the owner's account before the property is … 345.46 Period of Limitation Explains how owners can file claims to recover their unclaimed property from the state. 345.47 Sale of Abandoned Property Allows the commerce commissioner to sell unclaimed securities and other non-cash property after holding it for a set … 345.48 Deposit of Funds Gives the commerce department the power to examine records of any person or business that may be holding unclaimed … 345.485 Recovery of Property by Others Addresses penalties for holders who fail to report or deliver unclaimed property to the state on time. 345.49 Claim for Abandoned Property Paid or Delivered Covers interstate issues, such as which state has the right to claim unclaimed property when the owner and holder are in … 345.50 Determination of Claims Protects holders from liability after they deliver unclaimed property to the state in good faith. 345.51 Judicial Action Upon Determinations Allows the attorney general to bring legal action to enforce the unclaimed property law against holders who do not … 345.515 Agreements to Locate Reported Property Requires the commerce department to publish lists of unclaimed property owners so people can find out if the state holds … 345.52 Election to Take Payment or Delivery Sets rules for agreements between the state and private parties who help locate owners of unclaimed property. 345.525 Property Having No Apparent Commercial or Historical Value Addresses additional rules for unclaimed property locators, including limits on fees they can charge. 345.53 Examination of Records Provides that the unclaimed property law does not affect other laws that require specific property to be turned over to … 345.54 Proceeding to Compel Delivery of Abandoned Property Allows the commerce department to adopt rules needed to carry out the unclaimed property law. 345.55 Penalties Sets the effective date and transition provisions for the Uniform Unclaimed Property Act as adopted in Minnesota. 345.56 Rules States how this chapter should be interpreted to achieve uniform treatment of unclaimed property across states. 345.57 Effect of Laws of Other States Creates the unclaimed property account in the state treasury for depositing and managing unclaimed property funds. 345.58 Cutoff Date Requires insurance companies to cross-check their records against death records to find unclaimed life insurance … 345.59 Uniformity of Interpretation Addresses the handling of unclaimed property from dissolved or deregistered businesses. 345.60 Citation Provides additional rules for specific types of unclaimed property not covered by other sections. 345.70 Minnesota Museum Property Act; Definitions Defines key terms for the Minnesota Museum Property Act, including museum, archives repository, and loaned property. 345.71 Loans of Property to a Museum or Archives Repository Sets record-keeping and notice requirements for property loaned to museums and archives, including how to handle lender … 345.72 Acquiring Title to Abandoned Property Sets the process for museums to acquire title to property that has been loaned and then abandoned by the lender. 345.73 Acquiring Title to Undocumented Property Sets the process for museums to acquire title to property in their possession that has no ownership documentation. 345.74 Conservation of Museum Property Sets rules for how museums must care for loaned property and their duty to protect it from damage or loss. 345.75 Abandoned Tangible Personal Property Allows a person in possession of abandoned personal property to become the owner after 6 months and giving 30 days …