(1) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall not be required to file a report if the holder has no property that is presumed abandoned. The administrator shall not require a holder to file a paper report.
(2) A holder may contract with a third party to make the report required under subsection (1) of this section.

Terms Used In Kentucky Statutes 393A.220

  • Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
  • Contract: A legal written agreement that becomes binding when signed.
  • Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See Kentucky Statutes 393A.010
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Kentucky Statutes 393A.010

(3) Whether or not a holder contracts with a third party under subsection (2) of this section, the holder shall be responsible:
(a) To the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and
(b) For paying or delivering to the administrator property described in the report.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 22, effective July 14, 2018.

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