Ownership interest in business association: (1) Except as provided in subsections (2) and (5), stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the business association, is presumed abandoned and, with respect to the interest, the business association is the holder, if a dividend, distribution, or other sum payable as a result of the interest remains unclaimed by the owner for 7 years and the owner, within 7 years, has not met any of the following requirements: (a) Communicated, in writing, with the business association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. An experienced and local property attorney can inform you of your states laws governing abandoned personal property, as well as what your rights and obligations are. The attorney listings on this site are paid attorney advertising. (p) Utility means a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. Intangible personal property refers to property that cannot be physically handled, such as stocks, trust fund accounts, etc. (d) Personal property lost or abandoned by the owners thereof in or on other property owned, leased or rented by the state of Michigan for the use of state departments, boards and institutions. (3) For purposes of this act, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the insurance company is matured and the proceeds due and payable if 1 or more of the following requirements are met: (a) The insurance company knows that the insured or annuitant has died. 26.1055(27)]. In some states, the information on this website may be considered a lawyer referral service. This act was meant to address the issue of unclaimed property, such as abandoned bank accounts, unpresented checks, and unclaimed utility deposits. If not, there are common sense steps you should take. In the last five years, more than $400 million has been paid to claimants. (4) 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. 16 people have successfully posted their cases, 5 people have successfully posted their cases, 10 people have successfully posted their cases, 6 people have successfully posted their cases, 20 people have successfully posted their cases, 7 people have successfully posted their cases, 9 people have successfully posted their cases, Can't find your category?

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