393A.350 Recovery of property by holder from administrator.
476 words·~2 min read·
/ky/chapter-393a/393a-350A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A holder that pays money to the administrator under this chapter may file a claim
for reimbursement from the administrator of the amount paid if the holder:
(a)Paid the money in error; or
(b)After paying the money to the administrator, paid money to a person the
holder reasonably believed to be entitled to the money.
(2)If a claim for reimbursement under subsection
(1)of this section is made for a
payment made on a negotiable instrument, including a traveler's check, money
order, or similar instrument, the holder shall submit proof that the instrument was
presented and payment was made to a person the holder reasonably believed entitled
to payment. The holder may claim reimbursement even if the payment was made to
a person whose claim was made after expiration of a period of limitation on the
owner's right to receive or recover property, whether specified by contract, statute,
or court order.
(3)A holder that delivers property other than money to the administrator under this
chapter may file a claim under KRS 393A.510 for return of the property from the
administrator if:
(a)The holder delivered the property in error; or
(b)The apparent owner has claimed the property from the holder.
(4)If a claim for return of property under subsection
(3)of this section is made, the
holder shall include with the claim evidence sufficient to establish that the apparent
owner has claimed the property from the holder or that the property was delivered
by the holder to the administrator in error.
(5)The administrator may determine that an affidavit submitted by a holder is evidence
sufficient to establish that the holder shall be entitled to reimbursement or to
recover property under this section.
(6)A holder shall not be required to pay a fee or other charge for reimbursement or
return of property under this section.
(7)Not later than ninety
(90)days after a claim is filed under subsection
(1)or
(3)of
this section, the administrator shall allow or deny the claim and give the claimant
notice of the decision in a record. If the administrator does not take action on a
claim during the ninety
(90)day period, the claim shall be deemed denied.
(8)The claimant may initiate a proceeding under KRS Chapter 13B for review of the
administrator's decision or the deemed denial under subsection
(7)of this section
not later than:
(a)Thirty
(30)days following receipt of the notice of the administrator's decision;
or
(b)One hundred twenty
(120)days following the filing of a claim under
subsection
(1)or
(3)of this section in the case of a deemed denial under
subsection
(7)of this section.
(9)A final decision in an administrative proceeding initiated under subsection
(8)of
this section shall be subject to judicial review under KRS Chapter 13B.