Minn. Stat. § 308C.735

Current through 2024, c. 127

Section 308C.735 - [Effective 8/1/2025] DISTRIBUTION OF UNCLAIMED PROPERTY

Subdivision 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.

Minn. Stat. § 308C.735