393A.070 When custodial account for minor presumed abandoned.
444 words·~2 min read·
/ky/chapter-393a/393a-070A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Subject to KRS 393A.120, property held in an account established under the
Uniform Transfers to Minors Act, KRS 385.012 to 385.242, shall be presumed
abandoned if it is unclaimed by or on behalf of the minor on whose behalf the
account was opened three
(3)years after the later of:
(a)Except as provided in paragraph
(b)of this subsection, the date a second
consecutive communication sent by the holder by first-class United States
mail to the custodian of the minor on whose behalf the account was opened is
returned undelivered to the holder by the United States Postal Service;
(b)If the second communication is sent later than thirty
(30)days after the date
the first communication is returned undelivered, the date the first
communication was returned undelivered; or
(c)The date on which the custodian is required to transfer the property to the
minor or the minor's estate in accordance with the Uniform Gifts to Minors
Act or Uniform Transfers to Minors Act of the state in which the account was
opened.
(2)If the holder does not send communications to the custodian of the minor on whose
behalf an account described in subsection
(1)of this section was opened by first-
class United States mail, the holder shall attempt to confirm the custodian's interest
in the property by sending the custodian an electronic-mail communication not later
than two
(2)years after the custodian's last indication of interest in the property.
However, the holder promptly shall attempt to contact the custodian by first-class
United States mail if:
(a)The holder does not have information needed to send the custodian an
electronic-mail communication or the holder believes that the custodian's
electronic-mail address in the holder's records is not valid;
(b)The holder receives notification that the electronic-mail communication was
not received; or
(c)The custodian does not respond to the electronic-mail communication within
thirty
(30)days after the communication was sent.
(3)If first-class United States mail sent under subsection
(2)of this section is returned
undelivered to the holder by the United States Postal Service, the property shall be
presumed abandoned three
(3)years after the later of:
(a)The date a second consecutive communication to contact the custodian by
first-class United States mail is returned to the holder undelivered by the
United States Postal Service; or
(b)The date established by subsection (1)(c) of this section.
(4)When the property in the account described in subsection (1)(c) of this section is
transferred to the minor on whose behalf an account was opened or to the minor's
estate, the property in the account shall no longer be subject to this section.