393A.500 When property subject to recovery by another state.
373 words·~2 min read·
/ky/chapter-393a/393a-500A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Property held under this chapter by the administrator shall be subject to the right of
another state to take custody of the property if:
(a)The property was paid or delivered to the administrator because the records of
the holder did not reflect a last-known address in the other state of the
apparent owner and:
1. The other state establishes that the last-known address of the apparent
owner or other person entitled to the property was in the other state; or
2. Under the law of the other state, the property has become subject to a
claim by the other state of abandonment;
(b)The records of the holder did not accurately identify the owner of the property,
the last-known address of the owner was in another state, and, under the law
of the other state, the property has become subject to a claim by the other state
of abandonment;
(c)The property was subject to the custody of the administrator of this state under
KRS 393A.190 and, under the law of the state of domicile of the holder, the
property has become subject to a claim of abandonment by the state of
domicile of the holder; or
(d)The property:
1. Is a sum payable on a traveler's check, money order, or similar
instrument that was purchased in the other state and delivered to the
administrator under KRS 393A.200; and
2. Under the law of the other state, has become subject to a claim by the
other state of abandonment.
(2)A claim by another state to recover property under this section shall be presented in
a form prescribed by the administrator, unless the administrator waives presentation
of the form.
(3)The administrator shall decide a claim under this section not later than ninety
days after it is presented. If the administrator determines that the other state is
entitled under subsection
(1)of this section to custody of the property, the
administrator shall allow the claim and pay or deliver the property to the other state.
(4)The administrator may require another state, before recovering property under this
section, to agree to indemnify this state and its agents, officers, and employees
against any liability on a claim to the property.