177.23 Deposit of funds.

(1) Except as provided in sub. (2), the administrator shall deposit in the school fund all funds received under this chapter, including the clear proceeds from the sale of abandoned property under s. 177.22 and amounts received from the redemption of U.S. savings bonds under s. 177.225 (5). Before 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; the name and last-known address of each insured person or annuitant and beneficiary; with respect to each policy or contract listed in the report of an insurance company, its number, the name of the company, and the amount due; and, with respect to each U.S. savings bond, the name and last-known address of each owner of the U.S. savings bond and the issue date, face amount, and serial number of the U.S. savings bond. The information recorded by the administrator under this subsection is not available for inspection or copying under s. 19.35 (1) until 12 months after payment or delivery of the property is due under s. 177.17 (4) (a).

(2) The administrator shall deposit in the general fund an amount necessary for the payment of claims under ss. 177.24 to 177.26 and administrative expenses. Administrative expenses consist of any of the following:

(a) Any costs in connection with the sale of abandoned property.

(am) Any costs in connection with an action under s. 177.225 (1) and the redemption of a U.S. savings bond under s. 177.225 (5).

(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.

(e) Salaries of the employees of the office of the state treasurer and the department of revenue that are attributable to the administration of this chapter.

History: 1983 a. 408; 1987 a. 399; 2001 a. 16; 2005 a. 400; 2013 a. 20; 2015 a. 309.