Kansas Statutes 58-3956. Deposit of funds
(a) Except as otherwise provided by this section, the administrator shall promptly deposit in the state general fund all funds received under this act, including the proceeds, from the sale of abandoned property under Kan. Stat. Ann. §§ 58-3955 and amendments thereto, and the proceeds from the redemption of United States savings bonds under Kan. Stat. Ann. § 58-3979, and amendments thereto. The unclaimed property claims fund is hereby created in the state treasury. The administrator shall credit moneys to the unclaimed property claims fund sufficient for the prompt payment of claims duly allowed by the administrator. The unclaimed property claims fund shall be in an amount of not less than $100,000. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company its number, the name of the company and the amount due. The record shall be available for public inspection at all reasonable business hours.
(b) Before making any deposit to the credit of the state general fund, the administrator may deduct and credit to the unclaimed property expense fund which is hereby created in the state treasury:
Terms Used In Kansas Statutes 58-3956
- Administrator: means the state treasurer. See Kansas Statutes 58-3934
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Insurance company: means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection and workers compensation insurance. See Kansas Statutes 58-3934
- Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. 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
(1) Any costs in connection with the sale of abandoned property;
(2) costs of mailing and publication in connection with any abandoned property;
(3) operating expenses; and
(4) costs incurred in examining records of holders of property and in collecting the property from those holders.