393A.330 Payment or delivery of property to administrator.
475 words·~2 min read·
/ky/chapter-393a/393a-330A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Except as otherwise provided in this section, on filing a report under KRS
393A.220, the holder shall pay or deliver to the administrator the property described
in the report.
(2)If property in a report under KRS 393A.220 is an automatically renewable deposit
and a penalty or forfeiture in the payment of interest would result from paying the
deposit to the administrator at the time of the report, the date for payment of the
property to the administrator is extended until a penalty or forfeiture no longer
would result from payment, if the holder informs the administrator of the extended
date.
(3)Tangible property in a safe-deposit box shall not be delivered to the administrator
until one hundred twenty
(120)days after filing the report under KRS 393A.220.
(4)If property reported to the administrator under KRS 393A.220 is a security, the
administrator may:
(a)Make an endorsement, instruction, or entitlement order on behalf of the
apparent owner to invoke the duty of the issuer, its transfer agent, or the
securities intermediary to transfer the security; or
(b)Dispose of the security under KRS 393A.410.
(5)If the holder of property reported to the administrator under KRS 393A.220 is the
issuer of a certificated security, the administrator may obtain a replacement
certificate in physical or book-entry form under KRS 355.8-405. An indemnity
bond shall not be required.
(6)The administrator shall establish procedures for the registration, issuance, method
of delivery, transfer, and maintenance of securities delivered to the administrator by
a holder.
(7)An issuer, holder, and transfer agent or other person acting under this section under
instructions of and on behalf of the issuer or holder shall not be liable to the
apparent owner for, and shall be indemnified by the state against, a claim arising
with respect to property after the property has been delivered to the administrator.
(8)A holder shall not be required to deliver to the administrator a security identified by
the holder as a non-freely transferable security. If the administrator or holder
determines that a security is no longer a non-freely transferable security, the holder
shall deliver the security on the next regular date prescribed for delivery of
securities under this chapter. The holder shall make a determination annually
whether a security identified in a report filed under KRS 393A.220 as a non-freely
transferable security is no longer a non-freely transferable security.
(a)If property reported to the administrator is virtual currency, the holder shall
liquidate the virtual currency and remit the proceeds to the administrator.
(b)The liquidation shall occur anytime within ninety
(90)days prior to the filing
of the report under KRS 393A.220.
(c)The owner shall not have recourse against the holder or the administrator to
recover any gain in value that occurs after the liquidation of the virtual currency under this subsection.