If after 65 days from the publication date, the asset is still not reactivated or paid out, it must be remitted to the State Treasurer's office. The purpose of the law is to receive property which has remained dormant for a period of 5 years or more and to hold it in custody in perpetuity until such time as the rightful owner may come forward to claim it. The net result is that during this custodial period, the State can use the funds for the benefit of all citizens. Remitting the assets to the State means the owners or their heirs have a single source to check for unclaimed property instead of trying to check with hundreds of banks, companies, etc. The money is held forever for claims by the owners or their heirs in the State School Fund and used for low interest loans to municipalities.
Interest earned provides aids to local public school libraries.
Each year, millions of dollars in bank accounts, stock certificates, checks, etc., are turned over to Wisconsin because the owners can not be located. Safe deposit box contents as well as intangible finincial assets, such as stock certificates and bonds are reported. The Treasurer's office has a number of methods by which it tries to locate owners. Besides the periodic advertisements in newspapers throughout the State, the Treasurer's office routinely does directory searches through information provided by other state and federal agencies in attempting to locate unclaimed property owners. Wisconsin is a custodial state.