Wisconsin Statutes 177.1301 – When agreement to locate property enforceable
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Terms Used In Wisconsin Statutes 177.1301
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
(1) In this subchapter, “locator service” means a person who locates, delivers, recovers, or assists in the location, delivery, and recovery of property held by the administrator.
(2) An agreement by an apparent owner and locator service is enforceable under this chapter only if the agreement complies with all of the following:
(a) It is in a written, valid contract that clearly states the nature of the property and the services to be provided.
(b) It is signed by the apparent owner or by an agent of the apparent owner.
(c) It states the amount or value of the property reasonably expected to be recovered, computed before and after a deduction for any fee or other compensation paid to the locator service.
(d) It includes a clear and prominent statement of the fee or other compensation to be paid to the locator service, which may not exceed 10 percent of the actual amount or value of the property recovered.
(e) It includes a clear and prominent statement disclosing the name and address of the holder and whether the property has been paid or delivered to the administrator.
(f) It includes a clear and prominent statement that the owner may file a claim with the administrator without the assistance of a locator service.