Section 308C.735 - [Effective 8/1/2025] DISTRIBUTION OF UNCLAIMED PROPERTYSubdivision 1. Alternate procedure to disburse property. A cooperative may, in lieu of paying or delivering to the state the unclaimed property specified in its report of unclaimed property, distribute the unclaimed property to a business entity or organization that is exempt from taxation.Subd. 2. 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.Added by 2024 Minn. Laws, ch. 96,s 1-69, eff. 8/1/2025.