58-3952. Payment or delivery of abandoned property. (a) At the time of the filing of the report required by subsection (d) of K.S.A. 58-3950 and amendments thereto and with that report, the holder of property presumed abandoned shall pay, deliver or cause to be paid or delivered to the administrator the property described in the report as unclaimed, but if, at the time provided for delivery of the property a penalty or forfeiture in the payment of interest would result, the time for compliance is extended until a penalty or forfeiture would no longer result.
(b) If the property reported to the administrator is a security or security entitlement under article 8 of the uniform commercial code, the administrator is an appropriate person to make an endorsement, instruction or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with article 8 of the uniform commercial code.
(c) If the holder of property reported to the administrator is the issuer of a certificated security, the administrator has the right to obtain a replacement certificate pursuant to K.S.A. 84-8-405, and amendments thereto, but an indemnity bond is not required.
(d) An issuer, the holder and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section is not liable to the apparent owner and must be indemnified against claims of any person in accordance with K.S.A. 58-3953 and amendments thereto for any loss or damage caused by the transfer, issuance and delivery of the certificate or security to the administrator.
(e) A holder is required to deliver property reported as aggregate under K.S.A. 58-3950, and amendments thereto, only if the total amount of the aggregate property reported exceeds $250.
History: L. 1994, ch. 8, § 19; L. 1999, ch. 100, § 8; L. 2000, ch. 125, § 5; Apr. 27.
Structure Kansas Statutes
Chapter 58 - Personal And Real Property
Article 39 - Disposition Of Unclaimed Property Act
58-3935 Property presumed abandoned; when; general rule.
58-3936 General rules for taking custody of intangible unclaimed property.
58-3938 Burden of proof as to property evidenced by record of check or draft.
58-3943 Stock and other intangible interests in business associations.
58-3949 Contents of safe deposit box or other safekeeping repository.
58-3950 Report of abandoned property.
58-3951 Advertising of unclaimed property; information required.
58-3952 Payment or delivery of abandoned property.
58-3954 Crediting of dividends, interest, or increments to owner's account.
58-3955 Public sale of abandoned property; exceptions.
58-3957 Filing of claim with administrator.
58-3958 Claim of another state to recover property; procedure.
58-3959 Action to establish claim.
58-3960 Election to take property or delivery.
58-3962 Periods of limitation.
58-3963 Requests for reports and examination of records.
58-3966 Interstate agreements and cooperation; joint and reciprocal actions with other states.
58-3967 Interest and penalties.
58-3968 Agreement to locate reported property.
58-3970 Effect of new provisions; clarification of application.
58-3971 Rules and regulations.
58-3973 Uniformity of application and construction.
58-3974 Act not applicable in certain instances.
58-3975 Application to certain intangible property originating or issued in Kansas.
58-3976 Government agency cooperation.
58-3979 United States savings bonds; unclaimed property; escheat; procedure.