Michigan SB0825 modifies the period for property transfer to the Department of Treasury for abandoned geologic pore space compensation.

Michigan SB0825 amends the presumption of abandoned property by extending the period for geologic pore space compensation to 10 years. This change applies to property held by a holder in the ordinary course of business that remains unclaimed by the owner. The bill also specifies that property is payable or distributable regardless of the owner's failure to make a demand or present required documents. This amendatory act will not take effect unless other specified Senate Bills (SB 0822, SB 0823, SB 0824, SB 0826, and SB 0827) are enacted into law.

Michigan SB0825 modifies the period for property transfer to the Department of Treasury for abandoned geologic pore space compensation.

Michigan SB0825 amends the presumption of abandoned property by extending the period for geologic pore space compensation to 10 years. This change applies to property held by a holder in the ordinary course of business that remains unclaimed by the owner. The bill also specifies that property is payable or distributable regardless of the owner's failure to make a demand or present required documents. This amendatory act will not take effect unless other specified Senate Bills (SB 0822, SB 0823, SB 0824, SB 0826, and SB 0827) are enacted into law.