Subdivision 1. Presumed abandonment. All intangible personal property, not otherwise covered by sections 345.31 to 345.60, including any income or increment thereon, but excluding any charges that may lawfully be withheld, that is held or owing in this state in the ordinary course of the holder's business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned. Property covered by this section includes, but is not limited to: (a) unclaimed worker's compensation; (b) deposits or payments for repair or purchase of goods or services; (c) credit checks or memos, or customer overpayments; (d) unidentified remittances, unrefunded overcharges; (e) unpaid claims, unpaid accounts payable or unpaid commissions; (f) unpaid mineral proceeds, royalties or vendor checks; and (g) credit balances, accounts receivable and miscellaneous outstanding checks. This section does not include money orders. "Intangible property" does not include gift certificates, gift cards, or layaway accounts issued or maintained by any person in the business of selling tangible property or services at retail and such items shall not be subject to this section.
Subd. 2. Cooperative property. Notwithstanding subdivision 1, any profit, distribution, or other sum held or owing by a cooperative for or to a participating patron of the cooperative is presumed abandoned only if it has remained unclaimed by the owner for more than seven years after it became payable or distributable.
Subd. 3. Unpaid compensation. Notwithstanding subdivision 1, unpaid compensation for personal services or wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holder's business that remain unclaimed by the owner for more than one year after becoming payable are presumed abandoned.
1969 c 725 s 9; 1977 c 137 s 7; 3Sp1981 c 2 art 1 s 63; 1982 c 495 s 3; 1987 c 336 s 42; 1992 c 513 art 3 s 68; 2000 c 488 art 2 s 24
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.