(a) Unclaimed funds, as defined in this section, held and owing by a life insurance corporation shall be presumed abandoned if the last known address, according to the records of the corporation, of the person entitled to the funds is within this state. If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the corporation.
(b) "Unclaimed funds," as used in this section, means all moneys held and owing by any life insurance corporation unclaimed and unpaid for more than three years after the moneys became due and payable as established from the records of the corporation under any life or endowment insurance policy or annuity contract which has matured. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding three years, (1) assigned, readjusted or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the life insurance corporation concerning the policy. Moneys or drafts otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.
1969 c 725 s 3; 1977 c 137 s 4; 3Sp1981 c 2 art 1 s 59; 1992 c 513 art 3 s 62
Structure Minnesota Statutes
Chapters 343 - 348 — Animals And Property
Chapter 345 — Unclaimed Property
Section 345.01 — Duty Of Consignee Or Bailee.
Section 345.02 — Unclaimed Property May Be Sold Upon Notice; Summary Sale.
Section 345.03 — Proceedings If Property Not Claimed.
Section 345.04 — Inventory; Order Of Sale.
Section 345.05 — Notice And Return Of Sale.
Section 345.06 — Disposition Of Proceeds.
Section 345.07 — Money Deposited, How Disposed Of.
Section 345.09 — Unclaimed Baggage; Delivery To Warehouse Operator.
Section 345.10 — Storage Liens.
Section 345.11 — Sale; Notice.
Section 345.12 — Sale; Proceeds.
Section 345.13 — Warehouse Operator's Bond.
Section 345.14 — Fees Of Court Administrators.
Section 345.15 — Counties, Unclaimed Property; Disposition; Duty Of Sheriff.
Section 345.16 — State; Unclaimed Property; Disposition; Duty Of State Patrol.
Section 345.20 — Dies, Molds; Ownership.
Section 345.25 — Bonds Issued By Religious Organizations.
Section 345.31 — Definitions And Use Of Terms.
Section 345.32 — Property Held By Banking Or Financial Organizations Or By Business Associations.
Section 345.321 — Dormancy Charge For Money Orders.
Section 345.33 — Unclaimed Funds Held By Life Insurance Corporations.
Section 345.34 — Deposits Held By Utilities.
Section 345.35 — Stock And Other Intangible Interests In Business Associations.
Section 345.37 — Property Held By Fiduciaries.
Section 345.38 — Property Held By State Courts And Public Officers And Agencies.
Section 345.381 — Property Held By Minnesota Public Pension Fund.
Section 345.39 — Miscellaneous Personal Property Held For Another Person.
Section 345.41 — Report Of Abandoned Property.
Section 345.42 — Notice And Publication Of Lists Of Abandoned Property.
Section 345.43 — Payment Or Delivery Of Abandoned Property.
Section 345.44 — Relief From Liability By Payment Or Delivery.
Section 345.451 — Crediting Income Or Gain To Owner's Account.
Section 345.46 — Period Of Limitation.
Section 345.47 — Sale Of Abandoned Property.
Section 345.48 — Deposit Of Funds.
Section 345.485 — Recovery Of Property By Others.
Section 345.49 — Claim For Abandoned Property Paid Or Delivered.
Section 345.50 — Determination Of Claims.
Section 345.51 — Judicial Action Upon Determinations.
Section 345.515 — Agreements To Locate Reported Property.
Section 345.52 — Election To Take Payment Or Delivery.
Section 345.525 — Property Having No Apparent Commercial Or Historical Value.
Section 345.53 — Examination Of Records.
Section 345.54 — Proceeding To Compel Delivery Of Abandoned Property.
Section 345.57 — Effect Of Laws Of Other States.
Section 345.59 — Uniformity Of Interpretation.
Section 345.70 — Minnesota Museum Property Act; Definitions.
Section 345.71 — Loans Of Property To A Museum Or Archives Repository.
Section 345.72 — Acquiring Title To Abandoned Property.
Section 345.73 — Acquiring Title To Undocumented Property.