Kansas Statutes 58-3936. General rules for taking custody of intangible unclaimed property
Terms Used In Kansas Statutes 58-3936
- Apparent owner: means the person whose name appears on the records of the holder as the person entitled to property held, issued or owing by the holder. See Kansas Statutes 58-3934
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Holder: means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this act. See Kansas Statutes 58-3934
- Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Kansas Statutes 58-3934
- Money order: includes an express money order and a personal money order, on which the remitter is the purchaser. See Kansas Statutes 58-3934
- Owner: means a person who has a legal or equitable interest in property subject to this act or the person's legal representative. See Kansas Statutes 58-3934
- Person: means an individual, business association, financial organization, estate, trust, state or other government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Kansas Statutes 58-3934
- Property: means tangible property or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business, or by a state or other government, governmental subdivision, agency or instrumentality and all income or increments therefrom. See Kansas Statutes 58-3934
- State: means any state of the United States, the District of Columbia, the commonwealth of Puerto Rico or any territory, insular possession or any other area subject to the jurisdiction of the United States. See Kansas Statutes 58-3934
- Statute: A law passed by a legislature.
Except as otherwise provided in this act or by other statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if:
(a) The last known address of the apparent owner, as shown on the records of the holder, is in this state;
(b) the records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state;
(c) the records of the holder do not reflect the last known address of the apparent owner, and it is established that:
(1) The last known address of the person entitled to the property is in this state; or
(2) the holder is domiciled in this state or is a state or other government or governmental subdivision, agency or instrumentality of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;
(d) the last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide for the escheat or custodial taking of the property and the holder is domiciled in this state or is a state or other government or governmental subdivision, agency or instrumentality of this state;
(e) the last known address of the apparent owner, as shown on the records of the holder, is in a foreign country and the holder is domiciled in this state or is a state or other government or governmental subdivision, agency or instrumentality of this state;
(f) the transaction out of which the property arose occurred in this state, the holder is domiciled in a state that does not provide for the escheat or custodial taking of the property, and the last known address of the apparent owner or other person entitled to the property is unknown or is in a state that does not provide by law for the escheat or custodial taking of the property; or
(g) the property is a traveler’s check or money order purchased in this state or the issuer of the traveler’s check or money order has its principal place of business in this state and the issuer’s records show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property or do not show the state in which the instrument was purchased.