Sec. 20.
(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 section 11 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provision of section 21 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate.
History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997
Structure Michigan Compiled Laws
Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)
Section 567.221 - Short Title.
Section 567.222 - Definitions.
Section 567.223 - Unclaimed Property Held in Ordinary Course of Business; Presumption.
Section 567.224 - Unclaimed Property; Conditions; Requirements.
Section 567.225 - Outstanding Travelers Checks, Money Orders, or Similar Written Instruments.
Section 567.226 - Outstanding Checks, Drafts, or Similar Instruments.
Section 567.227 - Demand, Savings, or Matured Time Deposit.
Section 567.228 - Unclaimed Life or Endowment Insurance Policy or Annuity Contract.
Section 567.228a - Unclaimed Prepaid Funeral Contract.
Section 567.228b - Demutualization of Insurance Company; Property; Presumption; Report; Definition.
Section 567.229 - Unclaimed Deposit for Utility Services.
Section 567.231 - Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231a - Abandonment of Ownership Interest; Exceptions.
Section 567.232 - Unclaimed Property From Dissolved Business Association.
Section 567.233 - Property Held in Fiduciary Capacity.
Section 567.234 - Property Held by Court, Governmental Agency, or Public Corporation or Authority.
Section 567.236 - Unpaid Wages.
Section 567.237 - Property Held in Safe Deposit Box or Repository.
Section 567.239 - Notice; Publication in Newspaper; Requirements.
Section 567.240 - Payment or Delivery of Abandoned Property to Administrator; Duplicate Certificate.
Section 567.243 - Sale of Abandoned Property.
Section 567.244 - Disposition of Funds; Deductions; Transfer of Funds to Senior Care Respite Fund.
Section 567.245 - Claim of Interest in Property.
Section 567.246 - Claim of Interest in Property by Another State.
Section 567.247 - Action to Establish Claim in Circuit Court.
Section 567.251b - Streamlined Audit Process; Election; Audit.
Section 567.252 - Maintenance of Records; Required Time Periods.
Section 567.253 - Enforcement of Action; Jurisdiction.
Section 567.255 - Failure to Pay or Deliver Property; Penalties; Waiver.
Section 567.257 - Property Held, Due, and Owing in Foreign Country; Applicability of Act.
Section 567.257a - Exemptions; "Association" Defined.
Section 567.258 - Duty Arising Before Effective Date of Act.
Section 567.259 - Administrator as Successor to State Board of Escheats.
Section 567.261 - Applicability and Construction of Act.
Section 567.262 - Applicability of Act to Property Subject to Another Statute.
Section 567.263 - Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.