Title XXXIV, Descent, Wills, and Administration of Decedents' Estates

As used in this chapter: (1) "Administrator" means the Kentucky State Treasurer; (2) "Administrator's agent": (a) Means a person with which the administrator contracts to conduct an examination under KRS 393A.550 to 393A.650 on behalf of the administrator; and (b) Includes an ind…

This chapter shall not apply to: (1) Property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction; (2) Money, funds, or any other intangible property held by or owing: (a) To a nonprofit exempt under Section 501(c…

The administrator may promulgate administrative regulations under KRS Chapter 13A to implement and administer this chapter. In promulgating the administrative regulations, the administrator shall use the most cost-effective methods available for the submission of reports to the a…

(1) The unclaimed property trust fund is established in the Treasury of the Commonwealth. (2) The trust fund shall be administered by the Finance and Administration Cabinet and all money in excess of the amount to be disbursed in a given fiscal year shall be invested to maximize …

Subject to KRS 393A.120, the following property shall be presumed abandoned if it is unclaimed by the apparent owner during the period specified below: (1) A traveler's check, fifteen (15) years after issuance; (2) A money order, seven (7) years after issuance; (3) A state or mun…

(1) Subject to KRS 393A.120, property held in a pension account or retirement account that qualifies for tax deferral under the income-tax laws of the United States shall be presumed abandoned if it is unclaimed by the apparent owner three (3) years after the later of: (a) The fo…

Subject to KRS 393A.120 and except for property described in KRS 393A.050 and property held in a plan described in 26 U.S.C. sec. 529A, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income- tax laws of the Unite…

(1) Subject to KRS 393A.120, property held in an account established under the Uniform Transfers to Minors Act, KRS 385.012 to 385.242, shall be presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened three (3) years after the lat…

Tangible property held in a safe-deposit box and proceeds from a sale of the property by the holder permitted by law of this state other than this chapter are presumed abandoned if the property remains unclaimed by the apparent owner five (5) years after the earlier of the: (1) E…

(1) Subject to Section KRS 393A.120, the net card value of a stored-value card, other than a payroll card or a gift card, shall be presumed abandoned on the latest of three (3) years after: (a) December 31 of the year in which the card is issued or additional funds are deposited …

(1) Subject to KRS 393A.120, a security shall be presumed abandoned three (3) years after: (a) The date a second consecutive communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States Postal …

At and after the time property is presumed abandoned under this chapter, any other property right or interest accrued or accruing from the property and not previously presumed abandoned shall also be presumed abandoned.

(1) The period after which property shall be presumed abandoned shall be measured from the later of: (a) The date the property is presumed abandoned under this chapter; or (b) The latest indication of interest by the apparent owner in the property. (2) Under this chapter, an indi…

(1) As used in this section, "death master file" means the United States Social Security Administration Death Master File or other database or service that is at least as comprehensive as the United States Social Security Administration Death Master File for determining that an i…

If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft-writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than deat…

In KRS 393A.150 to 393A.210: (1) The last-known address of an apparent owner shall be any description, code, or other indication of the location of the apparent owner which identifies the state, even if the description, code, or indication of location shall not be sufficient to d…

The administrator may take custody of property that is presumed abandoned, whether located in this state, another state, or a foreign country if: (1) The last-known address of the apparent owner in the records of the holder is in this state; or (2) The records of the holder do no…

(1) Except as provided in subsection (2) of this section, if records of a holder reflect multiple addresses for an apparent owner and this state is the state of the most recently recorded address, this state may take custody of property presumed abandoned, whether located in this…

(1) Except as provided in subsection (2) of this section or KRS 393A.160 or 393A.170, the administrator may take custody of property presumed abandoned, whether located in this state, another state, or a foreign country, if the holder is domiciled in this state or is this state o…

Except as in KRS 393A.160, 393A.170, or 393A.180, the administrator may take custody of property presumed abandoned whether located in this state or another state if: (1) The transaction out of which the property arose took place in this state; (2) The holder is domiciled in a st…

The administrator may take custody of sums payable on a traveler's check, money order, or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. secs. 2501 to 2503, as amended.

If the administrator asserts a right to custody of unclaimed property, the administrator has the burden to prove: (1) The existence and amount of the property; (2) The property shall be presumed abandoned; and (3) The property shall be subject to the custody of the administrator.

(1) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall not be required to file a report if the holder has no property that is presumed abandoned. The adminis…

(1) The report required under KRS 393A.220 shall: (a) Be signed by or on behalf of the holder and verified as to its completeness and accuracy; (b) If filed electronically, be in a secure format approved by the administrator which protects confidential information of the apparent…

(1) Except as otherwise provided in subsection (2) of this section, and subject to subsection (3) of this section, the report under KRS 393A.220 shall be filed before November 1 of each year and cover the twelve (12) months preceding July 1 of that year. (2) Subject to subsection…

A holder required to file a report under KRS 393A.220 shall retain records for ten (10) years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period shall be provided by rule of the administrator. The holder …

Property shall be reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.

(1) Subject to subsection (2) of this section, the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with KRS 393A.280 in a format acceptable to the administrator not more than one hundred eighty (180) da…

(1) Notice under KRS 393A.270 shall contain a heading that reads substantially as follows: "Notice. The Commonwealth of Kentucky requires us to notify you that your property may be transferred to the custody of the Kentucky State Treasurer if you do not contact us before (insert …

(1) The administrator shall give notice to an apparent owner that property presumed abandoned and appears to be owned by the apparent owner shall be held by the administrator under this chapter. (2) In providing notice under subsection (1) of this section, the administrator shall…

Unless prohibited by law other than this chapter, on request of the administrator, each officer, agency, board, commission, division, and department of this state, any body politic and corporate created by this state for a public purpose, and each political subdivision of this st…

In KRS 393A.310 to 393A.390, payment or delivery of property shall be made in good faith if a holder: (1) Had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this chapt…

(1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if: (a) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a spe…

(1) Except as otherwise provided in this section, on filing a report under KRS 393A.220, the holder shall pay or deliver to the administrator the property described in the report. (2) If property in a report under KRS 393A.220 is an automatically renewable deposit and a penalty o…

(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 c…

(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 reas…

Property removed from a safe-deposit box and delivered under this chapter to the administrator shall be subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box.…

(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 unlawfu…

liability. (1) If the administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value or that the cost of disposing of the property will exceed the value of the property, the administrator may return …

(1) Expiration, before, on, or after July 14, 2018, of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, shall not prevent the property from being presumed abandoned or affect the duty of a holder un…

(1) Subject to KRS 393A.410, the administrator may sell the property no earlier than three (3) years after receipt of property presumed abandoned. (2) Before selling property under subsection (1) of this section, the administrator shall give notice to the public of: (a) The date …

(1) The administrator shall not sell or otherwise liquidate a security until three (3) years after the administrator receives the security and gives the apparent owner notice under KRS 393A.290 that the administrator holds the security. (2) The administrator shall not sell a secu…

(1) If securities are sold by the administrator before the expiration of three (3) years after their delivery to the administrator, a person making a claim under this chapter before the end of the three (3) year period shall be entitled to the proceeds of the sale of the securiti…

A purchaser of property at a sale conducted by the administrator under this chapter takes the property free of all claims of the owner, a previous holder, or a person claiming through the owner or holder. The administrator shall execute documents necessary to complete the transfe…

(1) The administrator shall not sell a medal or decoration awarded for military service in the Armed Forces of the United States. (2) The administrator, with the consent of the respective organization under paragraphs (a) to (c) of this subsection, may deliver a medal or decorati…

The administrator shall deposit in the State Treasury all funds received under this chapter, including proceeds from the sale of property under KRS 393A.400 to 393A.440.

The administrator shall: (1) Record and retain the name and last-known address of each person shown on a report filed under KRS 393A.220 to be the apparent owner of property delivered to the administrator; (2) Record and retain the name and last-known address of each insured or a…

(1) In addition to the expenses permitted under KRS 393.250, the administrator may deduct: (a) Expenses of disposition of property delivered to the administrator under this chapter; (b) Costs of mailing and publication in connection with property delivered to the administrator un…

Property received by the administrator under this chapter shall be held in custody for the benefit of the owner and shall not be owned by the state.

(1) If the administrator knows that property held by the administrator under this chapter is subject to a superior claim of another state, the administrator shall: (a) Report and pay or deliver the property to the other state; or (b) Return the property to the holder so that the …