Kentucky Statutes 393A.080 – When contents of safe-deposit box presumed abandoned
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Tangible property held in a safe-deposit box and proceeds from a sale of the property by the holder permitted by law of this state other than this chapter are presumed abandoned if the property remains unclaimed by the apparent owner five (5) years after the earlier of the:
(1) Expiration of the lease or rental period for the box; or
(2) Earliest date when the lessor of the box is authorized by law of this state other than this chapter to enter the box and remove or dispose of the contents without consent or authorization of the lessee.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 8, effective July 14, 2018.
(1) Expiration of the lease or rental period for the box; or
Terms Used In Kentucky Statutes 393A.080
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Kentucky Statutes 393A.010
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See Kentucky Statutes 393A.010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Kentucky Statutes 393A.010
(2) Earliest date when the lessor of the box is authorized by law of this state other than this chapter to enter the box and remove or dispose of the contents without consent or authorization of the lessee.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 8, effective July 14, 2018.