393A.370 Administrator's options as to custody.

215 words·~1 min read·/ky/chapter-393a/393a-370

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

(1)The administrator may decline to take custody of property reported under KRS

393A.220 if the administrator determines that:

(a)The property has a value less than the estimated expenses of notice and sale of

the property; or

(b)Taking custody of the property would be unlawful.

(2)A holder may pay or deliver property to the administrator before the property shall

be presumed abandoned under this chapter if the holder:

(a)Sends the apparent owner of the property notice required by KRS 393A.270

and provides the administrator evidence of the holder's compliance with this

paragraph;

(b)Includes with the payment or delivery a report regarding the property

conforming to KRS 393A.230; and

(c)First obtains the administrator's consent in a record to accept payment or

delivery.

(3)A holder's request for the administrator's consent under subsection (2)(c) of this

section shall be in a record. If the administrator fails to respond to the request not

later than thirty

(30)days after receipt of the request, the administrator shall be

deemed to consent to the payment or delivery of the property and the payment or

delivery shall be considered to have been made in good faith.

(4)On payment or delivery of property under subsection

(2)of this section, the property

shall be presumed abandoned.