(a) Except as provided in paragraphs (b) and (e), stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend distribution or other sum payable as a result of the interest has remained unclaimed by the owner for three years and the owner within three years has not:
(1) communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
(2) otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association.
(b) At the expiration of a three-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least three dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. If three dividends, distributions, or other sums are paid during the three-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable. If three dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been three dividends, distributions, or other sums that have not been claimed by the owner.
(c) The running of the three-year period of abandonment ceases immediately upon the occurrence of a communication referred to in paragraph (a). If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable.
(d) At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
(e) This section does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within three years communicated in any manner described in paragraph (a).
(f) For purposes of this section, stock or other intangible ownership interest in a business association is presumed abandoned if:
(1) it is held or owing by a business association organized under the laws of or created in this state; or
(2) it is held or owing by a business association doing business in this state, but not organized under the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state.
1969 c 725 s 5; 1977 c 137 s 5; 1985 c 222 s 1; 1992 c 513 art 3 s 64
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.