Full question:
When a customer does not take the credit on their account after being notified and five years has elapsed, what should happen to the credit? Is it returned to the state?
- Category: Abandoned Property
- Date:
- State: Wisconsin
Answer:
According to Wisconsin Statutes, specifically Section 177.01, "intangible property" includes items like credit balances and customer overpayments. Section 177.02 states that if intangible property remains unclaimed for more than five years after it becomes payable, it is presumed abandoned.
Section 177.03 outlines that unclaimed property is subject to the state's custody if certain conditions are met, such as the last known address of the owner being in Wisconsin, or if the holder does not have a record of the owner's identity. This means that if a customer does not claim their credit after five years, it is likely to be considered abandoned and may be returned to the state.
Furthermore, Section 177.14 specifies that a credit memo that remains unclaimed for more than five years is presumed abandoned, with the amount credited being the value that is considered abandoned.
In summary, if a customer does not claim their credit after five years, it is presumed abandoned and may be reported and returned to the state as unclaimed property.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.