58-3950. Report of abandoned property.
58-3950
58-3950. Report of abandoned property.(a) Except as provided in subsection (i), aholder of property presumedabandonedshall make a report to the administrator concerning the property.
(b) The report must be verified andmust contain:
(1) A description of the property;
(2) except with respect to a traveler's check or money order,thename, if known, and last known address, if any, and social securitynumber or taxpayer identification number, if readily ascertainable, of theapparent owner ofproperty of the value of $100 or more;
(3) an aggregated amount of items valued under $100 each;
(4) in the case of an amountof $100 or more held orowingunder an annuity or a life or endowment insurance policy,the full name and last known address of the insured or annuitantand of the beneficiary;
(5) in the case of property heldin a safe deposit box orothersafekeeping depository,a description of the property and any amounts owing to the holder;
(6) the date, if any, on which the property becamepayable, demandable orreturnable and the date of the last transaction with theapparent owner with respect to the property; and
(7) other information that the administratorprescribes by rulesandregulations as necessary for the administration of this act.
(c) If a holder of property presumedabandoned is a successor toanother person whopreviously held the property for the apparent owner or the holder haschanged its name while holding the property, the holdershall file withthe report its former names, if any, and the known names andaddresses of all previous holdersof the property.
(d) The report must be filed before November 1 of eachyear and cover the 12 months nextpreceding July 1 of that year, but a report with respect to a lifeinsurance company mustbe filed before May 1 of each year for the calendaryear next preceding.The initial report of property distributable in the course of ademutualization, rehabilitation or related reorganization of an insurancecompany as of December 31, 2003, shall be due by November 1, 2004.
(e) The holder of propertypresumed abandonedshall sendwritten notice to the apparent owner, not more than 120 days or less than 60daysbefore filing the report, stating that the holder is in possession ofpropertysubject to this act if:
(1) The holder has in its records an address for the apparent owner whichthe holder's records do not disclose to be inaccurate;
(2) the claim of the apparent owner is not barred bya statuteof limitations; and
(3) the value of the propertyis $100 or more, or isreportedunder K.S.A. 58-3943 or 58-3949 and amendments thereto.
(f) The written notice shall also contain the following:
(1) Nature and identifying number, if any, or description of thefunds or other property; and
(2) the amount appearing on the records of the holder to be duethe apparent owner.
(g) If the holder is not a life insurance company, the written noticeshall set forth an additional statement that the funds or otherproperty will be reported as unclaimed property to the state treasurer ofKansas no later than November 1 of the current year.
(h) If the holder is a life insurance company, the written noticeshall set forth an additional statement that the funds or otherproperty will be reported as unclaimed property to the state treasurer ofKansas no later than May 1 of the current year.
(i) The holder of property presumed abandoneddoes not need to file areport under the provisions of this section if such holder has no individualproperty valued over $100 and the total value of such holder's aggregatedproperty is under $250, unless required to do so by the provisions ofsubsection (k).
(j) Before the date for filing the report, the holder of property presumedabandoned may request the administrator to extend the time for filing thereport. The administrator may grant the extension for good cause. The holder,upon receipt of the extension, may make an interim payment on the amount theholder estimates will ultimately be due which terminates the accrual ofadditional interest on the amount paid.
(k) The administrator, in the administrator's discretion, may require thatany holder of property presumed abandoned, file a report as required by thissection.
History: L. 1994, ch. 8, § 17;L. 1996, ch. 111, § 3;L. 1999, ch. 100, § 7;L. 2004, ch. 52, § 2; July 1.