Kentucky Statutes 393A.490 – Claim of another state to recover property
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(1) If the administrator knows that property held by the administrator under this chapter is subject to a superior claim of another state, the administrator shall:
(a) Report and pay or deliver the property to the other state; or
(b) Return the property to the holder so that the holder may pay or deliver the property to the other state.
(2) The administrator shall not be required to enter into an agreement to transfer property to the other state under subsection (1) of this section.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 49, effective July 14, 2018.
(a) Report and pay or deliver the property to the other state; or
Terms Used In Kentucky Statutes 393A.490
- Administrator: means the Kentucky State Treasurer. 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
- 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
(b) Return the property to the holder so that the holder may pay or deliver the property to the other state.
(2) The administrator shall not be required to enter into an agreement to transfer property to the other state under subsection (1) of this section.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 49, effective July 14, 2018.