Kentucky Statutes 393A.320 – Dormancy charge
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(1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:
(a) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner‘s failure to claim the property within a specified time; and
(b) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(2) The amount of the deduction under subsection (1) of this section shall be limited to an amount that shall not be unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 32, effective July 14, 2018.
(a) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner‘s failure to claim the property within a specified time; and
Terms Used In Kentucky Statutes 393A.320
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. 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
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
(b) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(2) The amount of the deduction under subsection (1) of this section shall be limited to an amount that shall not be unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 32, effective July 14, 2018.