Property removed from a safe-deposit box and delivered under this chapter to the administrator shall be subject to the holder‘s right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. The administrator shall reimburse the holder from the proceeds remaining after deducting the expense incurred by the administrator in selling the property.
Effective: July 14, 2018

Terms Used In Kentucky Statutes 393A.360

  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.

History: Created 2018 Ky. Acts ch. 163, sec. 36, effective July 14, 2018.

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