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

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 …

(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 o…

(1) A person claiming to be the owner of property held under this chapter by the administrator may file a claim for the property on a form prescribed by the administrator. The claimant shall verify the claim as to its completeness and accuracy. (2) The administrator may permit pe…

(1) The administrator shall pay or deliver property to a claimant under KRS 393A.510(1) if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property. (2) Not later than ninety (90) days afte…

(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 …

hearing. Not later than one (1) year after filing a claim under KRS 393A.510(1), the claimant may request in writing an administrative hearing, to be conducted in accordance with KRS Chapter 13B.

If a person does not file a report required by KRS 393A.220 or the administrator believes that a person may have filed an inaccurate, incomplete, or false report, the administrator may require the person to file a verified report in a form prescribed by the administrator. The ver…

The administrator, at reasonable times and on reasonable notice, may: (1) Examine the records of a person, including examination of appropriate records in the possession of an agent of the person under examination, if the records are reasonably necessary to determine whether the …

(1) The administrator shall promulgate administrative regulations in accordance with KRS Chapter 13A governing procedures and standards for an examination under KRS 393A.560, including rules for use of an estimation, extrapolation, and statistical sampling in conducting an examin…

Records obtained and records, including work papers, compiled by the administrator in the course of conducting an examination under KRS 393A.560: (1) Shall be subject to the confidentiality and security provisions of KRS 393A.770 to 393A.830 and are not public records; (2) May be…

(1) A record of a putative holder showing an unpaid debt or undischarged obligation shall be prima facie evidence of the debt or obligation. (2) A putative holder may establish by a preponderance of the evidence that there is no unpaid debt or undischarged obligation for a debt o…

If a person subject to examination under KRS 393A.560 does not retain the records required by KRS 393A.250, the administrator may determine the value of property due using a reasonable method of estimation based on all information available to the administrator, including extrapo…

At the conclusion of an examination under KRS 393A.560, the administrator shall provide to the person whose records were examined a complete and unredacted examination report that specifies: (1) The work performed; (2) The property types reviewed; (3) The methodology of any estim…

examination. (1) If a person subject to examination under KRS 393A.560 believes the person conducting the examination has made an unreasonable or unauthorized request or is not proceeding expeditiously to complete the examination, the person in a record may ask the administrator …

(1) As used in this section, "related to the administrator" means an individual who is: (a) The administrator's spouse, partner in a civil union, domestic partner, or reciprocal beneficiary; (b) The administrator's child, stepchild, grandchild, parent, stepparent, sibling, stepsi…

The administrator or an individual employed by the administrator who participates in, recommends, or approves the award of a contract under KRS 393A.630 on or after July 14, 2018, shall not be employed by, contract with, or compensated in any capacity by the contractor or an affi…

If the administrator determines from an examination conducted under KRS 393A.560 that a putative holder failed or refused to pay or deliver to the administrator property which is reportable under this chapter, the administrator shall issue a determination of the putative holder's…

(1) Not later than thirty (30) days after receipt of a notice under KRS 393A.650, the putative holder may request an informal conference with the administrator to review the determination. Except as otherwise provided in this section, the administrator may designate an employee t…

A putative holder may seek relief from a determination under KRS 393A.650 by: (1) Administrative review under KRS 393A.680; or (2) Judicial review under KRS 393A.690.

(1) Not later than ninety (90) days after receiving notice of the administrator's determination under KRS 393A.650, a putative holder may initiate a proceeding under KRS Chapter 13B for review of the administrator's determination. (2) A final decision in an administrative proceed…

(1) Not later than ninety (90) days after receiving notice of the administrator's determination under KRS 393A.650, the putative holder may: (a) File an action against the administrator in the appropriate court challenging the administrator's determination of liability and seekin…

(1) If a determination under KRS 393A.650 becomes final and not subject to administrative or judicial review, the administrator may commence an action in the court or in an appropriate court of another state to enforce the determination and secure payment or delivery of past due,…

(1) Subject to subsection (2) of this section, the administrator may: (a) Exchange information with another state or foreign country relating to property presumed abandoned or relating to the possible existence of property presumed abandoned; and (b) Authorize in a record another…

(1) The administrator may join another state or foreign country to examine and seek enforcement of this chapter against a putative holder. (2) On request of another state or foreign country, the Attorney General may commence an action on behalf of the other state or country to en…

(1) A holder that fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the administrator interest at the tax interest rate determined under KRS 131.183 on the property or value of the property from the date the property should have bee…

(1) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this chapter or otherwise willfully fails to perform a duty imposed on the holder under this chapter, the administrator may require the holder to pay the administrator, in a…

The administrator: (1) May waive, in whole or in part, interest under KRS 393A.730(1) and penalties under KRS 393A.730(2) or 393A.740; and (2) Shall waive a penalty under KRS 393A.730(2) if the administrator determines that the holder acted in good faith and without negligence.

administrator. (1) An apparent owner that contracts with another person to locate, deliver, recover, or assist in the location, delivery, or recovery of property of the apparent owner which is held by the administrator may designate the person as the agent of the apparent owner. …

(1) As used in KRS 393A.770 to 393A.830, "personal information" means: (a) Information that identifies or reasonably can be used to identify an individual, such as first and last name in combination with the individual's: 1. Social Security number or other government-issued numbe…

(1) Except as otherwise provided in this chapter, the following are confidential and exempt from public inspection or disclosure: (a) Records of the administrator and the administrator's agent related to the administration of this chapter; (b) Reports and records of a holder in t…

(1) When reasonably necessary to enforce or implement this chapter, the administrator may disclose confidential information concerning property held by the administrator or the administrator's agent only to: (a) An apparent owner or the apparent owner's personal representative, a…

A person to be examined under KRS 393A.560 may require, as a condition of disclosure of the records of the person to be examined, that each person having access to the records disclosed in the examination execute and deliver to the person to be examined a confidentiality agreemen…