Kentucky Statutes 393A.370 – Administrator’s options as to custody
Current as of: 2024 | Check for updates
|
Other versions
(1) The administrator may decline to take custody of property reported under KRS
393A.220 if the administrator determines that:
(a) The property has a value less than the estimated expenses of notice and sale of the property; or
(b) Taking custody of the property would be unlawful.
(2) A holder may pay or deliver property to the administrator before the property shall be presumed abandoned under this chapter if the holder:
(a) Sends the apparent owner of the property notice required by KRS § 393A.270 and provides the administrator evidence of the holder’s compliance with this paragraph;
(b) Includes with the payment or delivery a report regarding the property conforming to KRS § 393A.230; and
(c) First obtains the administrator’s consent in a record to accept payment or delivery.
(3) A holder’s request for the administrator’s consent under subsection (2)(c) of this section shall be in a record. If the administrator fails to respond to the request not later than thirty (30) days after receipt of the request, the administrator shall be deemed to consent to the payment or delivery of the property and the payment or delivery shall be considered to have been made in good faith.
(4) On payment or delivery of property under subsection (2) of this section, the property shall be presumed abandoned.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 37, effective July 14, 2018.
393A.220 if the administrator determines that:
Terms Used In Kentucky Statutes 393A.370
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Kentucky Statutes 393A.010
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- 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
(a) The property has a value less than the estimated expenses of notice and sale of the property; or
(b) Taking custody of the property would be unlawful.
(2) A holder may pay or deliver property to the administrator before the property shall be presumed abandoned under this chapter if the holder:
(a) Sends the apparent owner of the property notice required by KRS § 393A.270 and provides the administrator evidence of the holder’s compliance with this paragraph;
(b) Includes with the payment or delivery a report regarding the property conforming to KRS § 393A.230; and
(c) First obtains the administrator’s consent in a record to accept payment or delivery.
(3) A holder’s request for the administrator’s consent under subsection (2)(c) of this section shall be in a record. If the administrator fails to respond to the request not later than thirty (30) days after receipt of the request, the administrator shall be deemed to consent to the payment or delivery of the property and the payment or delivery shall be considered to have been made in good faith.
(4) On payment or delivery of property under subsection (2) of this section, the property shall be presumed abandoned.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 37, effective July 14, 2018.