reglab/housing_qa huggingface dataset:
MI Comp L § 567.240 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.240 - Payment or Delivery of Abandoned Property to Administrator; Duplicate Certificate.

567.240 Payment or delivery of abandoned property to administrator; duplicate certificate. Sec. 20.  (1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver to the administrator all abandoned property that is required to be reported under section 18 or any balance owing if an estimated payment was made under section 18.   (2) The holder of an interest under section 11 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provision of section 21 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate. History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997
MI Comp L § 567.242 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.242 - Liquidation or Conversion of Property Into Money; Receipt of Dividends, Interest, or Other Increments.

567.242 Liquidation or conversion of property into money; receipt of dividends, interest, or other increments. Sec. 22.  If property other than money is paid or delivered to the administrator under this act, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion of the property into money. History: 1995, Act 29, Eff. Mar. 28, 1996
MI Comp L § 567.243 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.243 - Sale of Abandoned Property.

567.243 Sale of abandoned property. Sec. 23.  (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords, in the judgment of the administrator, the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if, in the judgment of the administrator, the bid is insufficient. If, in the judgment of the administrator, the probable cost of sale exceeds the value of the property, the property need not be offered for sale. Any sale held under this section shall be preceded by a single publication of notice, at least 3 weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.  (2) Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Securities not listed on an established stock exchange may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.  (3) Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under this act and delivered to the administrator shall be sold within 1 year of the receipt of the securities. A person making a claim under this act against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder is not entitled to any appreciation in the value of the property occurring after delivery by the holder to the administrator.  (4) The purchaser of property at any sale conducted by the administrator under this act takes the property free of all claims of the owner or previous holder of the property and of all persons claiming through or under the owner or previous holder. The administrator shall execute all documents necessary to complete the transfer of ownership. History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997
MI Comp L § 567.244 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.244 - Disposition of Funds; Deductions; Transfer of Funds to Senior Care Respite Fund.

567.244 Disposition of funds; deductions; transfer of funds to senior care respite fund.Sec. 24.  (1) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this act, including the proceeds from the sale of abandoned property under section 23. The administrator shall retain in a separate trust fund an amount not less than $100,000.00 from which prompt payment of claims allowed under this act shall be made. When making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company, the number of the policy or contract, the name of the insurance company, and the amount due. The name of the owner or apparent owner and a gross description of the property only shall be available for public inspection at all reasonable business hours.  (2) Before making any deposit to the credit of the general fund, the administrator may deduct any of the following:  (a) Costs in connection with the sale of abandoned property.  (b) Costs of mailing and publication in connection with any abandoned property.  (c) Reasonable service charges.  (d) Costs incurred in examining records of holders of property and in collecting the property from those holders.  (3) The administrator shall transfer to the senior care respite fund created in the older Michiganians act, 1981 PA 180, MCL 400.581 to 400.594, funds that escheat to this state pursuant to 1 or more of the following:  (a) Section 403a of the nonprofit health care corporation reform act, 1980 PA 350, MCL 550.1403a.  (b) Section 5805 of the insurance code of 1956, 1956 PA 218, MCL 500.5805. History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2013, Act 209, Imd. Eff. Dec. 23, 2013
MI Comp L § 567.245 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.245 - Claim of Interest in Property.

567.245 Claim of interest in property. Sec. 25.  (1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator under this act, may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant.  (2) The administrator shall consider each claim within 90 days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.   (3) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if it has been sold by the administrator, plus any additional amount required by section 22. If the property claimed was interest bearing to the owner on the date of surrender by the holder, and if the date of surrender is on or after March 28, 1996, the administrator also shall pay interest at a rate of 6% a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the interest bearing property is delivered to the administrator and ceases on the earlier of the expiration of 10 years after delivery or the date on which payment is made to the owner. No interest on interest bearing property is payable for any period before March 28, 1996.  (4) Any holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator, would be subject to subsection (3) shall add interest as provided in that subsection. The added interest must be repaid to the holder by the administrator in the same manner as the principal. History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997
MI Comp L § 567.246 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.246 - Claim of Interest in Property by Another State.

567.246 Claim of interest in property by another state. Sec. 26.  (1) At any time after property has been paid or delivered to the administrator under this act, another state may recover the property if 1 or more of the following requirements are met:  (a) The property was subjected to custody by this state because the records of the holder did not reflect the last known address of the apparent owner when the property was presumed abandoned under this act, and the other state establishes that the last known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.  (b) The last known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of that state the property has escheated to or become subject to a claim of abandonment by that state.  (c) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.  (d) The property was subjected to custody by this state under section 4(f) and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state.  (e) The property is the sum payable on a travelers check, money order, or other similar instrument that was subjected to custody by this state under section 5, and the instrument was purchased in the other state, and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.  (2) The claim of another state, under the laws of that state, to recover escheated or abandoned property shall be presented in a form prescribed by the administrator, who shall decide the claim within 90 days after it is presented. The administrator shall allow the claim if the administrator determines that the other state is entitled to the property under subsection (1).  (3) The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property. History: 1995, Act 29, Eff. Mar. 28, 1996
MI Comp L § 567.247 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.247 - Action to Establish Claim in Circuit Court.

567.247 Action to establish claim in circuit court. Sec. 27.  A person who is aggrieved by a decision of the administrator or whose claim has not been acted upon within 90 days after its filing may bring an action to establish the claim in the circuit court, naming the administrator as a defendant. The action shall be brought within 90 days after the decision of the administrator or within 180 days after the filing of the claim if the administrator has failed to act on it. If the aggrieved person establishes the claim in an action against the administrator, the court shall award the claimant costs and reasonable attorney's fees. History: 1995, Act 29, Eff. Mar. 28, 1996
MI Comp L § 567.248 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.248 - Property Declined by Administrator; Destruction or Disposition of Property by Holder; Failure of Owner to Act in Relation to Property for 2 Years.

567.248 Property declined by administrator; destruction or disposition of property by holder; failure of owner to act in relation to property for 2 years. Sec. 28.  (1) The administrator may decline to receive property reported under this act that the administrator considers to have a value less than the expense of giving notice and of public sale. If the administrator declines to receive the property, the administrator shall authorize the holder of the property to destroy or otherwise dispose of the property at any time the holder chooses. An action or proceeding shall not be maintained against a holder for or on account of any action taken by the holder in destroying or otherwise disposing of the property pursuant to the authorization of the administrator.  (2) A holder may report and deliver property to the administrator before the property is otherwise presumed abandoned if the owner has failed to exercise dominion or control, to assert a right of ownership or possession, to make presentment or demand payment, or to do any other act in relation to or concerning that property for a period of 2 years. Property received by the administrator under this subsection is presumed abandoned and shall be disposed of pursuant to section 23. History: 1995, Act 29, Eff. Mar. 28, 1996
MI Comp L § 567.249 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.249 - Determination of Insubstantial Commercial Value; Destruction or Disposition of Property.

567.249 Determination of insubstantial commercial value; destruction or disposition of property. Sec. 29.  If the administrator determines after investigation that any property delivered under this act has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding shall not be maintained against the state or any officer or against the holder for or on account of any action taken by the administrator under this section. History: 1995, Act 29, Eff. Mar. 28, 1996
MI Comp L § 567.250 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.250 - Expiration of Time Period Specified by Contract, Statute, or Court Order; Exception; Commencement of Action or Proceeding.

567.250 Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding.Sec. 30.  (1) The expiration, before or after the effective date of this act, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this act. This subsection does not apply to gift cards or gift certificates.  (2) Except as otherwise provided in subsection (3), an action or proceeding shall not be commenced by the administrator with respect to any duty of a holder under this act more than 10 years, or, for the holder of records of transactions between 2 or more associations as defined under section 37(a)(2), more than 5 years, after the duty arose.  (3) For eligible holders electing to participate in the streamlined audit process described in section 31b, an action or proceeding shall not be commenced by the administrator with respect to any duty of a holder under this act more than 4 years after the duty arose. History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2008, Act 208, Eff. Sept. 30, 2008 ;-- Am. 2012, Act 292, Imd. Eff. Aug. 1, 2012 ;-- Am. 2015, Act 242, Imd. Eff. Dec. 22, 2015 Compiler's Notes: Enacting section 1 of Act 242 of 2015 provides:"Enacting section 1. This amendatory act is retroactive and applies to audits in progress as of August 15, 2015, but does not retroactively apply to contested determinations in litigation before the date of enactment of this amendatory act."
MI Comp L § 567.251b (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.251b - Streamlined Audit Process; Election; Audit.

567.251b Streamlined audit process; election; audit.Sec. 31b.  (1) Eligible holders being examined by the administrator under section 31(2) may elect to follow the streamlined audit process described in this section. Eligible holders may elect the streamlined audit process by executing a nondisclosure agreement acceptable to the administrator within 30 days from the receipt of the audit notice.  (2) An audit conducted under the streamlined audit process described in this section shall meet both of the following:  (a) Be completed within a time frame jointly developed by the holder and the administrator, with the goal of completing the audit within 18 months from the receipt of the audit notice.  (b) Be conducted according to standards set forth in rules and regulations promulgated in accordance with section 31(4). History: Add. 2015, Act 242, Imd. Eff. Dec. 22, 2015 Compiler's Notes: Enacting section 1 of Act 242 of 2015 provides:"Enacting section 1. This amendatory act is retroactive and applies to audits in progress as of August 15, 2015, but does not retroactively apply to contested determinations in litigation before the date of enactment of this amendatory act."
MI Comp L § 567.252 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.252 - Maintenance of Records; Required Time Periods.

567.252 Maintenance of records; required time periods.Sec. 32.  (1) A holder required to file a report under section 18, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for 10 years, or, for the holder of records of transactions between 2 or more associations as defined under section 37(a)(2), for 5 years, after the property becomes reportable, except to the extent that a shorter time is provided in subsection (2) or by rule of the administrator.  (2) A business association that sells in this state its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides those instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for 3 years after the date the property is reportable. History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2012, Act 292, Imd. Eff. Aug. 1, 2012
MI Comp L § 567.253 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.253 - Enforcement of Action; Jurisdiction.

567.253 Enforcement of action; jurisdiction. Sec. 33.  The administrator may bring an action in a court of competent jurisdiction to enforce this act. History: 1995, Act 29, Eff. Mar. 28, 1996
MI Comp L § 567.254 (2021)
2021 Michigan Compiled Laws|Chapter 567 - Escheats|Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)|Section 567.254 - Agreements With Other States to Exchange Information; Advisement and Consultation; Enforcement; Action Brought by Attorney General in Name of Another State; Action Brought in Another State in Name of Administrator.

567.254 Agreements with other states to exchange information; advisement and consultation; enforcement; action brought by attorney general in name of another state; action brought in another state in name of administrator. Sec. 34.  (1) The administrator may enter into an agreement with another state to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that this state or another state may be entitled to subject to a claim of custody. The administrator by rule may require the reporting of information needed to enable compliance with agreements made pursuant to this section and prescribe the form.  (2) To avoid conflicts between the administrator's procedures and the procedures of administrators in other jurisdictions that enact the uniform unclaimed property act, the administrator, so far as is consistent with the purposes, policies, and provisions of this act, before adopting, amending, or repealing rules, shall advise and consult with administrators in other jurisdictions that enact substantially the uniform unclaimed property act and take into consideration the rules of administrators in other jurisdictions that enact the uniform unclaimed property act.  (3) The administrator may join with other states to seek enforcement of this act against a person who is or may be holding property reportable under this act.  (4) At the request of another state, the attorney general of this state may bring an action in the name of the administrator of the other state in a court of competent jurisdiction to enforce the unclaimed property laws of the other state against a holder in this state of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the attorney general in bringing the action.  (5) The administrator may request that the attorney general of another state or any other person bring an action in the name of the administrator in the other state. This state shall pay all expenses including attorney's fees in any action under this subsection. The administrator may agree to pay the person bringing the action attorney's fees based in whole or in part on a percentage of the value of any property recovered in the action. Expenses paid pursuant to this subsection shall not be deducted from the amount that is subject to the claim by the owner under this act. History: 1995, Act 29, Eff. Mar. 28, 1996