393A.340 Effect of payment or delivery of property to administrator.

111 words·~1 min read·/ky/chapter-393a/393a-340

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

(1)On payment or delivery of property to the administrator under this chapter, the

administrator as agent for the state assumes custody and responsibility for

safekeeping the property. A holder that pays or delivers property to the

administrator in good faith and substantially complies with KRS 393A.270 and

393A.280 shall be relieved of liability arising thereafter with respect to payment or

delivery of the property to the administrator.

(2)This state shall defend and indemnify a holder against liability on a claim against

the holder resulting from the payment or delivery of property to the administrator

made in good faith and after the holder substantially complied with KRS 393A.270

and 393A.280.