Kentucky Statutes 393A.390 – Periods of limitation and repose
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(1) Expiration, before, on, or after July 14, 2018, of a period of limitation on an owner‘s right to receive or recover property, whether specified by contract, statute, or court order, shall not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the administrator.
(2) The administrator shall not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property more than five (5) years after the holder filed a non-fraudulent report under KRS § 393A.220 with the administrator. The parties may agree in a record to extend the limitation in this subsection.
(3) The administrator shall not commence an action, proceeding, or examination with respect to a duty of a holder under this chapter more than ten (10) years after the duty arose.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 39, effective July 14, 2018.
(2) The administrator shall not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property more than five (5) years after the holder filed a non-fraudulent report under KRS § 393A.220 with the administrator. The parties may agree in a record to extend the limitation in this subsection.
Terms Used In Kentucky Statutes 393A.390
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Kentucky Statutes 393A.010
- Statute: A law passed by a legislature.
(3) The administrator shall not commence an action, proceeding, or examination with respect to a duty of a holder under this chapter more than ten (10) years after the duty arose.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 39, effective July 14, 2018.