Michigan Compiled Laws, Chapter 434. Lost and Unclaimed Property § 434.153

Sec. 3. Each state department, board or institution when necessary to accomplish the purposes of this act shall delegate authority to 2 or more of its employees, hereinafter called appraisers, to examine and appraise lost or abandoned property in its possession remaining unclaimed for at least 6 months. The said appraisers shall examine, appraise and inventory each article of lost or abandoned personal property. Property found to be of no intrinsic or commercial value in the opinion of the appraisers shall be inventoried and recorded separately from property found by the appraisers to have intrinsic or commercial value. A record of property having intrinsic or commercial value containing a description of the property, the name of the county where found, and the appraisers' estimate of its value shall be made and a copy thereof forwarded to the commissioner of the state police.