Michigan Laws 567.256 – Agreement to compensate for recovery of property; enforcement; agreement between locator and apparent unclaimed property owner
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 567.256
- 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
- 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
- Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222
(1) An agreement to pay compensation to recover or assist in the recovery of property reported under section 18, made within 24 months after the date payment or delivery is made under section 20, is unenforceable.
(2) A written agreement between a locator and an apparent owner of unclaimed property is subject to subsection (1).