Kentucky Statutes 393A.350 – Recovery of property by holder from administrator
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(1) A holder that pays money to the administrator under this chapter may file a claim for reimbursement from the administrator of the amount paid if the holder:
(a) Paid the money in error; or
(b) After paying the money to the administrator, paid money to a person the holder reasonably believed to be entitled to the money.
(2) If a claim for reimbursement under subsection (1) of this section is made for a payment made on a negotiable instrument, including a traveler’s check, money order, or similar instrument, the holder shall submit proof that the instrument was presented and payment was made to a person the holder reasonably believed entitled to payment. The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner‘s right to receive or recover property, whether specified by contract, statute, or court order.
(3) A holder that delivers property other than money to the administrator under this chapter may file a claim under KRS § 393A.510 for return of the property from the administrator if:
(a) The holder delivered the property in error; or
(b) The apparent owner has claimed the property from the holder.
(4) If a claim for return of property under subsection (3) of this section is made, the holder shall include with the claim evidence sufficient to establish that the apparent owner has claimed the property from the holder or that the property was delivered by the holder to the administrator in error.
(5) The administrator may determine that an affidavit submitted by a holder is evidence sufficient to establish that the holder shall be entitled to reimbursement or to recover property under this section.
(6) A holder shall not be required to pay a fee or other charge for reimbursement or return of property under this section.
(7) Not later than ninety (90) days after a claim is filed under subsection (1) or (3) of this section, the administrator shall allow or deny the claim and give the claimant notice of the decision in a record. If the administrator does not take action on a claim during the ninety (90) day period, the claim shall be deemed denied.
(8) The claimant may initiate a proceeding under KRS Chapter 13B for review of the administrator’s decision or the deemed denial under subsection (7) of this section not later than:
(a) Thirty (30) days following receipt of the notice of the administrator’s decision;
or
(b) One hundred twenty (120) days following the filing of a claim under subsection (1) or (3) of this section in the case of a deemed denial under subsection (7) of this section.
(9) A final decision in an administrative proceeding initiated under subsection (8) of this section shall be subject to judicial review under KRS Chapter 13B.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 35, effective July 14, 2018.
(a) Paid the money in error; or
Terms Used In Kentucky Statutes 393A.350
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality or other legal entity. 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
- Statute: A law passed by a legislature.
(b) After paying the money to the administrator, paid money to a person the holder reasonably believed to be entitled to the money.
(2) If a claim for reimbursement under subsection (1) of this section is made for a payment made on a negotiable instrument, including a traveler’s check, money order, or similar instrument, the holder shall submit proof that the instrument was presented and payment was made to a person the holder reasonably believed entitled to payment. The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner‘s right to receive or recover property, whether specified by contract, statute, or court order.
(3) A holder that delivers property other than money to the administrator under this chapter may file a claim under KRS § 393A.510 for return of the property from the administrator if:
(a) The holder delivered the property in error; or
(b) The apparent owner has claimed the property from the holder.
(4) If a claim for return of property under subsection (3) of this section is made, the holder shall include with the claim evidence sufficient to establish that the apparent owner has claimed the property from the holder or that the property was delivered by the holder to the administrator in error.
(5) The administrator may determine that an affidavit submitted by a holder is evidence sufficient to establish that the holder shall be entitled to reimbursement or to recover property under this section.
(6) A holder shall not be required to pay a fee or other charge for reimbursement or return of property under this section.
(7) Not later than ninety (90) days after a claim is filed under subsection (1) or (3) of this section, the administrator shall allow or deny the claim and give the claimant notice of the decision in a record. If the administrator does not take action on a claim during the ninety (90) day period, the claim shall be deemed denied.
(8) The claimant may initiate a proceeding under KRS Chapter 13B for review of the administrator’s decision or the deemed denial under subsection (7) of this section not later than:
(a) Thirty (30) days following receipt of the notice of the administrator’s decision;
or
(b) One hundred twenty (120) days following the filing of a claim under subsection (1) or (3) of this section in the case of a deemed denial under subsection (7) of this section.
(9) A final decision in an administrative proceeding initiated under subsection (8) of this section shall be subject to judicial review under KRS Chapter 13B.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 35, effective July 14, 2018.