58-3960. Election to take property or delivery. (a) The administrator may decline to receive any property reported under this act which is considered to have a value less than the expense of giving notice and of sale. If the administrator elects not to receive custody of the property, the holder shall be notified within 120 days after filing the report required under K.S.A. 58-3950 and amendments thereto.
(b) A holder, with the written consent of the administrator and upon conditions and terms prescribed by the administrator, may report and deliver property before the property is presumed abandoned. Property delivered under this subsection shall be held by the administrator and is not presumed abandoned until such time as it otherwise would be presumed abandoned under this act.
History: L. 1994, ch. 8, ยง 27; March 3.
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.