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393.130 Rights and duties of persons who have transferred property to
department.
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Upon the payment or delivery of abandoned property to the department, the state
shall assume custody and shall be responsible for the safekeeping thereof. Any
person who pays or delivers abandoned property to the department under this
chapter is relieved of all liability which then exists or which thereafter may arise or
be made in respect to the property.
Any holder of property who has paid moneys to the department pursuant to this
chapter may make payment to any person appearing to such holder to be entitled
thereto, and upon proof of such payment and proof that the payee was entitled
thereto, the department shall forthwith reimburse the holder or company, without
imposing a fee or other charge. The department may accept a holder's affidavit as
sufficient proof of the holder's right to recover money under this section.
Notwithstanding the provisions of KRS 393.140, posting or advertising is not
required in the event payment is made to persons entitled thereto by holders of
deposits of life insurance companies in compliance with this section. The claim
shall be paid without deduction for the cost of advertising or services provided in
KRS 393.115.
Upon payment or delivery of property presumed abandoned, other than money, by a
holder to the department in accordance with this chapter, any person appearing
entitled thereto shall receive from the department, in addition to proceeds from the
liquidation or conversion of the property, any income or gain realized or accruing to
the property at or before the liquidation or conversion of the same.
Property that is held in an interest-bearing demand, savings, or time deposit shall,
from the time that it is presumed abandoned in accordance with this chapter, be
placed by the holder in an interest-bearing account made assignable to the
department. The department, through its employees, may examine the records
relevant to the establishment and maintenance of an interest-bearing account in
accordance with KRS 393.280. Upon demand and proper proof by a person
appearing entitled to payment of property or portions of property so deposited, the
holder may withdraw the property and any accrued interest for payment to the
person entitled thereto. Property so deposited and not claimed by a person appearing
properly entitled to receipt shall be paid, with accrued interest, to the department ten
(10) years after it is presumed abandoned or upon establishment of actual
abandonment, whichever occurs first.
Property removed from a safe deposit box or other safekeeping depository is
received by the department subject to the holder's right to be reimbursed for the cost
of opening and to any valid lien or contract providing for the holder to be
reimbursed for unpaid or other charges. The department shall reimburse the holder
out of the proceeds remaining after deducting the expense incurred by the
department in selling the property.
Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 560, sec. 3, effective July 15, 1998. -- Amended
1994 Ky. Acts ch. 58, sec. 10, effective March 10, 1994. -- Amended 1960 Ky. Acts
ch. 142, sec. 12, effective June 16, 1960. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. sec. 1613.
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