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304.33-460 Unclaimed and withheld funds.
(1)
(2)
Unclaimed funds. All unclaimed funds subject to distribution remaining in the
liquidator's hands when the liquidator is ready to apply to the court for discharge,
including the amount distributable to any creditor, shareholder, member or other
person who is unknown or cannot be found or who is under disability with no
person legally competent to receive his or her distributive share, shall be deposited
with the State Treasurer, and shall be paid over without interest except in
accordance with KRS 304.33-430 to the person entitled thereto or his or her legal
representative upon proof satisfactory to the State Treasurer of his or her right
thereto. Any amount on deposit not claimed within six (6) years from the discharge
of the liquidator is deemed abandoned and shall become property of the state. The
State Treasurer shall at the end of each fiscal year transfer these amounts to the
common school fund.
Withheld funds. All funds withheld under KRS 304.33-390 and not distributed shall
upon discharge of the liquidator be deposited with the State Treasurer and paid by
him or her in accordance with KRS 304.33-390. Any sums remaining which under
KRS 304.33-390 would revert to the undistributed assets of the insurer shall be
transferred to the State Treasurer and become the property of the state under
subsection (1) of this section unless the commissioner petitions the court to reopen
the liquidation under KRS 304.33-480.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1450, effective July 15, 2010. -- Created
1970 Ky. Acts ch. 301, subtit. 33, sec. 46, effective June 18, 1970.
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