20 KAR 1:100. Multiple claims on the

Unclaimed Property Fund.

 

      RELATES TO: KRS 393.110, 393.150

      STATUTORY AUTHORITY: KRS 393.110,

393.280(4)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS

393.180(4) allows the State Treasurer to promulgate administrative regulations

and any reasonable and necessary rules for the enforcement of KRS Chapter 393.

KRS 393.150 authorizes the Treasurer to determine claims for unclaimed

property. This administrative regulation defines proof which may be accepted by

the Treasurer when multiple claims are received from a single claimant.

 

      Section 1. (1) A corporation having ten

(10) or more employees that is registered to do business in the Commonwealth of

Kentucky and is in good standing with the Kentucky Secretary of State and that submits

two (2) or more claims for unclaimed property during a fiscal year shall submit

its proof of entitlement as required by 20 KAR 1:040 for the initial claim

only.

      (2) For all claims made by the same

corporation during the same fiscal year, the corporation shall submit the

Unclaimed Property Multiple Claims Form, which identifies the property and

serves as a continued proof of entitlement.

 

      Section 2. Any corporation having ten

(10) or more employees that submitted valid claims for the unclaimed property

during the prior fiscal year and is making its first claim for a new fiscal

year, shall not submit proof of entitlement to the property, as required by 20

KAR 1:040. Instead the corporation shall submit a Corporate Verification Form

with its initial claim in the new fiscal year.

 

      Section 3. An individual or a corporation

having nine (9) or fewer employees that submits two (2) or more claims on the

Unclaimed Property Fund during a fiscal year shall submit its proof of entitlement

required by 20 KAR 1:040 for the initial claim only, so long as the proof of

entitlement is sufficient for the successive claims. The entity shall submit

one (1) signed and notarized Unclaimed Property Multiple Claims Form.

 

      Section 4. Incorporation by Reference.

(1) The following material is incorporated by reference:

      (a) "Corporate Verification

Form", 2003; and

      (b) "Unclaimed Property Multiple

Claims Form", 2003.

      (2) This material may be inspected,

copied, or obtained, subject to applicable copyright law, at the Department of

the Treasury, Capitol Annex, Room 183, Frankfort, Kentucky 40601, Monday

through Friday, 8 a.m. to 5 p.m. (30 Ky.R. 1701; Am. 2015; eff. 3-18-2004.)