Minnesota § 308B.735 DISTRIBUTION OF UNCLAIMED PROPERTY

Minnesota Statutes

§ 308B.735 — DISTRIBUTION OF UNCLAIMED PROPERTY

Minnesota § 308B.735

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 308BCOOPERATIVE ASSOCIATIONS ACT

This text of Minnesota § 308B.735 (DISTRIBUTION OF UNCLAIMED PROPERTY) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 308B.735 (2026).

Text

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. [Repealed,2005 c 109 s 8] Subd. 3.Owner's right extinguished on disbursement.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.

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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.
[Repealed,2005 c 109 s 8]

Subd. 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.