393A.100 When security presumed abandoned.
265 words·~1 min read·
/ky/chapter-393a/393a-100A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Subject to KRS 393A.120, a security shall be presumed abandoned three
(3)years
after:
(a)The date a second consecutive communication sent by the holder by first-class
United States mail to the apparent owner is returned to the holder undelivered
by the United States Postal Service; or
(b)If the second communication is made later than thirty
(30)days after the first
communication is returned, the date the first communication is returned
undelivered to the holder by the United States Postal Service.
(2)If the holder does not send communications to the apparent owner of a security by
first-class United States mail, the holder shall attempt to confirm the apparent
owner's interest in the security by sending the apparent owner an electronic-mail
communication not later than two
(2)years after the apparent owner's last indication
of interest in the security. However, the holder promptly shall attempt to contact the
apparent owner by first-class United States mail if:
(a)The holder does not have information needed to send the apparent owner an
electronic-mail communication or the holder believes that the apparent
owner'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 apparent owner 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
to the holder undelivered by the United States Postal Service, the security shall be
presumed abandoned three
(3)years after the date the mail is returned.