Minnesota Statutes

Minn. Stat. § 345.31 (2026)

Definitions And Use Of Terms

✓ current as of May 2026

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Subdivision 1.Scope.

As used in sections 345.31 to 345.60, unless the context otherwise requires, the terms defined in this section shall have the meanings ascribed to them.

Subd. 2.Banking organization.

"Banking organization" means any bank, trust company, savings bank, safe deposit company or private banker engaged in business in this state.

Subd. 3.Business association.

"Business association" means any corporation, joint stock company, business trust, partnership, cooperative, or any association for business purposes of two or more individuals.

Subd. 3a.Commissioner.

"Commissioner" means the commissioner of commerce.

Subd. 4.Financial organization.

"Financial organization" means any savings association, credit union, industrial loan and thrift company or investment company engaged in business in this state.

Subd. 5.Holder.

"Holder" means any person in possession of property subject to sections 345.31 to 345.60 belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to sections 345.31 to 345.60.

Subd. 6.Life insurance corporation.

"Life insurance corporation" means any association or corporation, including a fraternal benefit society as defined in section 64B.01, transacting within this state the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities.

Subd. 6a.Money order.

"Money order" includes an express money order and a personal money order, on which the remitter is the purchaser. The term does not include a bank order or any other instrument sold by a financial organization if the seller has obtained the name and address of the payee.

Subd. 7.Owner.

"Owner" means a depositor in case of a deposit, a beneficiary in case of a trust, a creditor, claimant or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to sections 345.31 to 345.60 or the person's legal representative.

Subd. 8.Person.

"Person" means any individual, business association, government or political subdivision, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.

Subd. 9.Utility.

"Utility" means any person who owns or operates within this state, for public use, any plant, equipment, property, franchise or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas.

Notes of Decisions

Cited in 5 cases (1 in the last 5 years), 1981–2023 · leading case: Travelers Express Co., Inc. v. State of Minn., 506 F. Supp. 1379 (D. Minnesota 1981).

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Travelers Express Co., Inc. v. State of Minn., 506 F. Supp. 1379 (D. Minnesota 1981). · cites it 5× “The Uniform Act specifically provides for the state to take custody of intangibles such as money orders, traveler’s checks, stock dividends, savings deposits, and similar unpaid claims.”

Hall v. State, 908 N.W.2d 345 (Minn. 2018). · cites it 2× “*349 This case involves the constitutionality of the Minnesota Unclaimed Property Act, Minn. Stat. §§ 345.31 -.60 (2016). The Act provides that unclaimed property is presumed abandoned and remitted to and held by the State in its general fund until the owners seek to reclaim the…”

State Ex Rel. Lord v. First Nat'l Bank of Saint Paul, 313 N.W.2d 390 (Minn. 1981). “53 (1980) confers enforcement authority upon the state treasurer, as follows: The state treasurer may at reasonable times and upon reasonable notice examine the records of any person if he has reason to believe that such person has failed to report property that should have been…”

State of Minnesota ex rel. Ken Elder v. U.S. Bank N. A. (Minn. Ct. App. 2023). · cites it 2× “Elder asserts that the checks were escheatable 2 to Minnesota under the state’s Uniform Disposition of Unclaimed Property Act, Minn. Stat. §§ 345.31 -.60 (2022) (UPA). He alleges that, “since 2012 (and, on information and belief, in prior years) and continuing to date, [the…”

State v. St. Paul Fire & Marine Ins. Co., 434 N.W.2d 6 (Minn. Ct. App. 1989). · cites it 2× “Minn.Stat. § 345.31 (1986). The U.P.A. requires every “business association” holding property presumed abandoned by the U.”

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