Minn. Stat. § 308A.711

Current through Register Vol. 49, No. 8, August 19, 2024

Section 308A.711 - DISTRIBUTION OF UNCLAIMED PROPERTY

Subdivision 1.Alternate procedure to disburse property.

Notwithstanding the provisions of section 345.43, a cooperative may, in lieu of paying or delivering to the commissioner of commerce the unclaimed property specified in its report of unclaimed property, distribute the unclaimed property to a corporation or organization that is exempt from taxation under section 290.05, subdivision 1, clause (b), or 2.

Subd. 2.

[Repealed, 2005 c 109 s 8]

Subd. 3.Owner's right extinguished on disbursement.

The right of an owner to unclaimed property held by a cooperative is extinguished when the property is disbursed by the cooperative to a tax-exempt organization if:

(1) notice that the payment is available has been mailed to the last known address of the person shown by the records to be entitled to the property; or

(2) the address is unknown, notice is published in an official publication of the cooperative.

Minn. Stat. § 308A.711

1989 c 144 art 1 s 39; 2000 c 483 s 49; 2005 c 109 s 1, 2

Amended by 2020 Minn. Laws, ch. 83,s 1-79, eff. 8/1/2020.