20 KAR 1:030. Unclaimed property; escheating.

 

      RELATES TO: KRS 393.090, 393.110

      STATUTORY AUTHORITY: KRS 393.280

      NECESSITY, FUNCTION, AND CONFORMITY: This

administrative regulation sets out the time when unclaimed property may be

claimed by the rightful owner prior to escheating to the department. It also

requires the holder to furnish the department a list setting out specific items

that have been returned to the rightful owner.

 

      Section 1. If the rightful owner of unclaimed

property claims his property between July 1 and August 1, the holder shall not

report such property because the presumption of abandonment as of July 1 no

longer exists.

 

      Section 2. If the rightful owner or legal claimant

of property reported as presumed abandoned establishes his claim between August

1 and January 1, the holder shall certify by sworn statement to the department

the specific items which have been returned to the rightful owner or legal

claimant and, therefore, are not subject to escheat. (21 Ky.R. 682; Am. 1280; eff.

10-12-94.)