Kentucky Statutes 393A.340 – Effect of payment or delivery of property to administrator
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(1) On payment or delivery of property to the administrator under this chapter, the administrator as agent for the state assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property to the administrator in good faith and substantially complies with KRS § 393A.270 and
393A.280 shall be relieved of liability arising thereafter with respect to payment or delivery of the property to the administrator.
(2) This state shall defend and indemnify a holder against liability on a claim against the holder resulting from the payment or delivery of property to the administrator made in good faith and after the holder substantially complied with KRS § 393A.270 and KRS § 393A.280.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 34, effective July 14, 2018.
393A.280 shall be relieved of liability arising thereafter with respect to payment or delivery of the property to the administrator.
Terms Used In Kentucky Statutes 393A.340
- 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
(2) This state shall defend and indemnify a holder against liability on a claim against the holder resulting from the payment or delivery of property to the administrator made in good faith and after the holder substantially complied with KRS § 393A.270 and KRS § 393A.280.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 34, effective July 14, 2018.