Kansas Statutes 58-3952. Payment or delivery of abandoned property
Terms Used In Kansas Statutes 58-3952
- 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
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Holder: means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this act. See Kansas Statutes 58-3934
- 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
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(a) At the time of the filing of the report required by subsection (d) of Kan. Stat. Ann. §§ 58-3950 and amendments thereto and with that report, the holder of property presumed abandoned shall pay, deliver or cause to be paid or delivered to the administrator the property described in the report as unclaimed, but if, at the time provided for delivery of the property a penalty or forfeiture in the payment of interest would result, the time for compliance is extended until a penalty or forfeiture would no longer result.
(b) If the property reported to the administrator is a security or security entitlement under article 8 of the uniform commercial code, the administrator is an appropriate person to make an endorsement, instruction or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with article 8 of the uniform commercial code.
(c) If the holder of property reported to the administrator is the issuer of a certificated security, the administrator has the right to obtain a replacement certificate pursuant to Kan. Stat. Ann. § 84-8-405, and amendments thereto, but an indemnity bond is not required.
(d) An issuer, the holder and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section is not liable to the apparent owner and must be indemnified against claims of any person in accordance with Kan. Stat. Ann. §§ 58-3953 and amendments thereto for any loss or damage caused by the transfer, issuance and delivery of the certificate or security to the administrator.
(e) A holder is required to deliver property reported as aggregate under Kan. Stat. Ann. § 58-3950, and amendments thereto, only if the total amount of the aggregate property reported exceeds $250.