§ 308B.735 Distribution Of Unclaimed Property
Statute text
Extracted from the Revisor of Statutes; first captured here October 15, 2026. Formatting and whitespace are normalized. Extraction can contain errors; the linked official text controls.
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.
Subdivision 2.
[Repealed, 2005 c 109 s 8]
Subdivision 3. 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.
History: 2003 c 105 art 1 s 67; 2004 c 228 art 1 s 54; 2005 c 109 s 3
Notes & interpretation Not part of the law
Verified against sources: October 15, 2026Last edited: October 16, 2026
In plain language#
Instead of paying or delivering unclaimed property to the state as specified in its unclaimed-property report, a cooperative may distribute the property to a tax-exempt business entity or organization (subd. 1). The owner's right to the property is extinguished when the cooperative disburses it to the tax-exempt organization if (1) notice that payment is available was mailed to the last known address of the person shown in the records as entitled, or (2) if the address is unknown, notice was published in an official publication of the cooperative (subd. 3). Subdivision 2 was repealed in 2005.
How it works in practice#
Related#
Sources
distributionsrecordsgeneral-provisions