393A.035 Unclaimed property trust fund.

183 words·~1 min read·/ky/chapter-393a/393a-035

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

(1)The unclaimed property trust fund is established in the Treasury of the

Commonwealth.

(2)The trust fund shall be administered by the Finance and Administration Cabinet and

all money in excess of the amount to be disbursed in a given fiscal year shall be

invested to maximize returns.

(3)The trust fund shall consist of moneys received from appropriations, gifts, grants,

federal funds, or moneys received on or after July 1, 2020.

(4)Interest earnings of the fund shall accrue to the trust fund, except to the extent that

on July 1 of any fiscal year, if the trust fund has a balance which exceeds one

hundred million dollars ($100,000,000), the interest earnings of the fund shall

accrue to the general fund.

(5)Notwithstanding KRS 45.229 and except as provided by subsection

(4)of this

section, moneys deposited in the fund shall become a part of the fund and shall not

lapse.

(6)Nothing in this section shall be interpreted to prohibit the General Assembly from

appropriating funds to:

(a)The Department of the Treasury; or

(b)The unclaimed property trust fund.