Kansas Statutes 58-3968. Agreement to locate reported property
Terms Used In Kansas Statutes 58-3968
- Administrator: means the state treasurer. See Kansas Statutes 58-3934
- Apparent owner: means the person whose name appears on the records of the holder as the person entitled to property held, issued or owing by the holder. See Kansas Statutes 58-3934
- Fiduciary: A trustee, executor, or administrator.
- Legatee: A beneficiary of a decedent
- Owner: means a person who has a legal or equitable interest in property subject to this act or the person's legal representative. See Kansas Statutes 58-3934
- Person: means an individual, business association, financial organization, estate, trust, state or other government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Kansas Statutes 58-3934
- Property: means tangible property or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business, or by a state or other government, governmental subdivision, agency or instrumentality and all income or increments therefrom. See Kansas Statutes 58-3934
- State: means any state of the United States, the District of Columbia, the commonwealth of Puerto Rico or any territory, insular possession or any other area subject to the jurisdiction of the United States. See Kansas Statutes 58-3934
(a) All agreements to pay compensation to recover or assist in the recovery of property reported under Kan. Stat. Ann. § 58-3950, and amendments thereto, made within 24 months after the date payment or delivery is made under Kan. Stat. Ann. § 58-3952, and amendments thereto, are unenforceable.
(b) All agreements to pay compensation to recover or assist in the recovery of property reported under Kan. Stat. Ann. § 58-3950, and amendments thereto, made more than 24 months after the date payment or delivery is made under Kan. Stat. Ann. § 58-3952, and amendments thereto, are unenforceable if the fee or compensation agreed upon is in excess of 15% of the value of the recoverable property. The administrator may require a third party seeking information concerning unclaimed property held for an apparent owner to provide a copy of an agreement signed by the claimant before releasing any information to the third party.
(c) State warrants that may be issued in payment for and redemption of recoverable property may be issued, in the discretion of the administrator, directly to the rightful owners or, as fiduciary of the estate of a deceased owner, to an heir or legatee, and not to a named attorney in fact, agent, assignee or other person regardless of written instructions to the contrary.