Wisconsin Statutes 177.0204 – When custodial account for a minor presumed abandoned
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Terms Used In Wisconsin Statutes 177.0204
- 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
- Minor: means a person who has not attained the age of 18 years, except that for purposes of investigating or prosecuting a person who is alleged to have violated a state or federal criminal law or any civil law or municipal ordinance, "minor" does not include a person who has attained the age of 17 years. 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
(1) Subject to s. 177.0210, property held in an account established under any state‘s uniform gifts to minors act or uniform transfers to minors act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 3 years after the later of the following:
(a) If the date on which the minor’s custodian is required to transfer the property to the minor has passed, the date on which a 2nd consecutive communication sent by the holder by 1st class mail to the minor’s custodian is returned to the holder by the U.S. postal service as undeliverable.
(b) If the date on which the minor’s custodian is required to transfer the property to the minor has passed and if the 2nd communication is sent by the holder to the minor’s custodian later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable.
(c) The date on which the minor’s custodian is required to transfer the property to the minor or the minor’s estate in accordance with the uniform gifts to minors act or uniform transfers to minors act of the state in which the account was opened.
(2) If the holder does not send communications to the custodian by 1st class mail, as described in sub. (1), the holder shall attempt to confirm the custodian’s interest in the property by sending the custodian e-mail not later than 2 years after the custodian’s last indication of interest in the property, except that the holder shall promptly attempt to contact the custodian by 1st class mail if any of the following applies:
(a) The holder does not have information needed to send the custodian e-mail or the holder believes that the custodian’s e-mail address in the holder’s records is not valid.
(b) The holder receives notification that the e-mail was not received.
(c) The custodian does not respond to the e-mail within 30 days from the date on which the e-mail was sent.
(3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S. postal service as undeliverable, the property is presumed abandoned on the date determined under sub. (1).
(4) The property in the account described under sub. (1) is not subject to this section after the property is transferred to the minor or the minor’s estate.