393A.320 Dormancy charge.

117 words·~1 min read·/ky/chapter-393a/393a-320

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

(1)A holder may deduct a dormancy charge from property required to be paid or

delivered to the administrator if:

(a)A valid contract between the holder and the apparent owner authorizes

imposition of the charge for the apparent owner's failure to claim the property

within a specified time; and

(b)The holder regularly imposes the charge and regularly does not reverse or

otherwise cancel the charge.

(2)The amount of the deduction under subsection

(1)of this section shall be limited to

an amount that shall not be unconscionable considering all relevant factors,

including the marginal transactional costs incurred by the holder in maintaining the

apparent owner's property and any services received by the apparent owner.