Sec. 25.
(1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator under this act, may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant.
(2) The administrator shall consider each claim within 90 days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
(3) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if it has been sold by the administrator, plus any additional amount required by section 22. If the property claimed was interest bearing to the owner on the date of surrender by the holder, and if the date of surrender is on or after March 28, 1996, the administrator also shall pay interest at a rate of 6% a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the interest bearing property is delivered to the administrator and ceases on the earlier of the expiration of 10 years after delivery or the date on which payment is made to the owner. No interest on interest bearing property is payable for any period before March 28, 1996.
(4) Any holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator, would be subject to subsection (3) shall add interest as provided in that subsection. The added interest must be repaid to the holder by the administrator in the same manner as the principal.
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.