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393.010 Definitions for chapter -- Application of chapter.
(1)
(2)
As used in this chapter, unless the context requires otherwise:
(a) "Banking organization" means any bank, trust company, savings bank,
industrial bank, land bank, safe deposit company, or a private banker
engaged in business in this state;
(b) "Business association" means any corporation, joint stock company,
business trust, partnership, or any association for business purposes of
two (2) or more individuals;
(c) "Financial organization" means any savings and loan association,
building and loan association, credit union, cooperative bank, or
investment company, engaged in business in this state;
(d) "Life insurance corporation" means any corporation or association
transacting within this state the business of insurance on the lives of
persons or insurance appertaining thereto, including, but not by way of
limitation, endowments and annuities;
(e) "Claim" means to demand payment or surrender of property from the
person whose duty it is to pay the claimant, or surrender to him the
property involved;
(f) "Treasurer" means the State Treasurer;
(g) "Department" means the Department of the Treasury;
(h) "Person" means any individual, state or national bank, partnership, joint
stock company, business, trust, association, corporation, or other form of
business enterprise, including a receiver, trustee, or liquidating agent; and
(i) "Abandoned property fund" means the fund in which moneys are placed
that are paid to the department pursuant to this chapter.
(a) This chapter does not apply to money, funds, or any other property held
by or owing to any nonprofit, Internal Revenue Code Section 501(c)(3),
tax-exempt hospital, or to bonds of counties, cities, school districts, or
other tax-levying subdivisions of this state or to any money, funds, or
other intangible property at any time held or owing for any minerals or
other raw materials capable of being used for fuel in the course of
manufacturing, processing, production, or mining, or to wages or salaries
of fifty dollars ($50) or less that are not claimed by an employee within
one (1) year of the date the wages or salaries were earned.
(b) This chapter does not apply to abandoned moneys in inmate accounts
and prisoner canteen accounts held by jailers as set out in KRS 441.137.
(c) The provisions of this subsection shall be effective retroactively to all
such moneys, funds, or other intangible property held or owing by any
person on June 1, 1960, or thereafter.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 32, sec. 2, effective July 12, 2012. -Amended 2003 Ky. Acts ch. 95, sec. 1, effective June 24, 2003. -- Amended
1998 Ky. Acts ch. 94, sec. 1, effective July 15, 1998. -- Amended 1994 Ky. Acts
ch. 58, sec. 2, effective March 10, 1994; and ch. 276, sec. 9, July 15, 1994. -Amended 1962 Ky. Acts ch. 144, sec. 1, effective June 14, 1962. -- Amended
1960 Ky. Acts ch. 142, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. secs. 1605a, 1610.
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