Kentucky Statutes 393.050 – Presumption of death after seven years — Disposition of property
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Except as provided in KRS § 422.132, when a person owning any property having a situs in this state is not known to be living for seven (7) successive years, and neither he nor his heirs, devisees, or distributees can be located or proved to have been living for seven (7) successive years, he shall be presumed to have died without heirs, devisees, or distributees, and his property shall be liquidated and the proceeds, less costs incident to the liquidation and any legal proceedings, and the liabilities which have been properly claimed and approved against it, shall be paid to the department.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 57, sec. 2, effective July 15, 2002. — Amended
1994 Ky. Acts ch. 58, sec. 6, effective March 10, 1994. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1609.
Effective: July 15, 2002
Terms Used In Kentucky Statutes 393.050
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
History: Amended 2002 Ky. Acts ch. 57, sec. 2, effective July 15, 2002. — Amended
1994 Ky. Acts ch. 58, sec. 6, effective March 10, 1994. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1609.