393.080 Presumption of abandonment of security deposit or public utility refund.

379 words·~2 min read·/ky/chapter-393/393-080

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The following funds held or owing are presumed abandoned:

(1)Any deposit of money, stocks, bonds, or other credits made to secure payment for

services rendered or to be rendered, or to guarantee the performance of services or

duties, or to protect against damage or harm, and the increments thereof, unless

claimed by the person entitled thereto within three

(3)years after the occurrence of

the event that would obligate the holder or depository to return it or its equivalent.

(2)Except as provided in KRS 272.291, any sum which a public utility has been

ordered to refund and which was received for utility services rendered in this state,

together with any interest thereon, less any lawful deductions, that has remained

unclaimed by the person appearing on the records of the utility entitled thereto for

more than three

(3)years after the date it became payable in accordance with the

final determination or order providing for the refund.

(3)If there remains a total of one million dollars ($1,000,000) or more in unclaimed

sums one

(1)year after a public utility refund became payable in accordance with

the final determination or order providing for the refund, excepting sums that may

eventually be claimed pursuant to KRS 272.291, and less any lawful deductions, the

Finance and Administration Cabinet shall enter into an agreement or agreements

with the public utility that will allow the public utility to pay the unclaimed sums,

minus the exceptions noted above, to the Kentucky State Treasurer immediately if

the Attorney General determines by written opinion that a reasonable relationship

exists between the source of and reason for the refund, and the workers'

compensation liability of a bankrupt employer who purportedly was self-insured,

either individually or through a self-insurance group, under KRS Chapter 342.

Payment of the unclaimed sums to the Kentucky State Treasurer shall constitute a

complete release of the public utility from any further responsibility for the sums so

paid, and from liability to any person who may have a claim to any of such sums.

(4)The Kentucky Workers' Compensation Funding Commission shall preserve the

rights of persons or ratepayers entitled to claim a refund under this section, and may

utilize any funds available to the agency for the purpose of preserving those rights.