393A.530 Allowance of claim for property.
379 words·~2 min read·
/ky/chapter-393a/393a-530A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Not later than thirty
(30)days after a claim is allowed under KRS 393A.520(2), the
administrator shall pay or deliver to the owner the property or pay to the owner the
net proceeds of a sale of the property. On request of the owner, the administrator
may sell or liquidate a security and pay the net proceeds to the owner, even if the
security had been held by the administrator for less than three
(3)years or the
administrator has not complied with the notice requirements under KRS 393A.410.
(2)Property held under this chapter by the administrator shall be subject to a claim for
the payment of an enforceable debt the owner owes in this state for:
(a)Child-support arrearages, including child-support collection costs and child-
support arrearages that are combined with maintenance;
(b)A civil or criminal fine or penalty, court costs, a surcharge, or restitution
imposed by a final order of an administrative agency or a final court
judgment; or
(c)State or local taxes, penalties, and interest that have been determined to be
delinquent or as to which notice has been recorded with the county sheriff or
local taking authority.
(3)Before delivery or payment to an owner under subsection
(1)of this section of
property or payment to the owner of net proceeds of a sale of the property, the
administrator first shall apply the property or net proceeds to a debt under
subsection
(2)of this section the administrator determines is owed by the owner.
The administrator shall pay the amount to the appropriate state or local agency and
notify the owner of the payment.
(4)The administrator may make periodic inquiries of state and local agencies in the
absence of a claim filed under KRS 393A.510 to determine whether an apparent
owner included in the unclaimed-property records of this state has enforceable debts
described in subsection
(2)of this section. The administrator first shall apply the
property or net proceeds of a sale of property held by the administrator to a debt
under subsection
(2)of this section of an apparent owner which appears in the
records of the administrator and deliver the amount to the appropriate state or local
agency. The administrator shall notify the apparent owner of the payment.