58-3979. United States savings bonds; unclaimed property; escheat; procedure. (a) Notwithstanding the provisions of subsection (b) of K.S.A. 58-3953, and amendments thereto, United States savings bonds which are unclaimed property and subject to the provisions of K.S.A. 58-3934 et seq., and amendments thereto, shall escheat to the state of Kansas three years after becoming unclaimed property and subject to the provisions of K.S.A. 58-3934 et seq., and amendments thereto, and all property rights to such United States savings bonds or proceeds from such bonds shall vest solely in the state of Kansas.
(b) Within 180 days after the three years in subsection (a), if no claim has been filed in accordance with the provisions of K.S.A. 58-3934 et seq., and amendments thereto, for such United States savings bonds, the administrator shall commence a civil action in the district court of Shawnee county for a determination that such United States savings bonds shall escheat to the state. The administrator may postpone the bringing of such action until sufficient United States savings bonds have accumulated in the administrators custody to justify the expense of such proceedings.
(c) If no person shall file a claim or appear at the hearing to substantiate a claim or where the court shall determine that a claimant is not entitled to the property claimed by such claimant, then the court, if satisfied by evidence that the administrator has substantially complied with the laws of this state, shall enter a judgment that the subject United States savings bonds have escheated to the state.
(d) The administrator shall redeem such United States savings bonds escheated to the state and the proceeds from such redemption of United States savings bonds shall be deposited in the state general fund in accordance with the provisions of K.S.A. 58-3956, and amendments thereto.
History: L. 2000, ch. 125, ยง 1; 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.