58-3952. Payment or delivery of abandoned property.
58-3952
58-3952. Payment or delivery of abandonedproperty.(a) At the time of the filing of the report required bysubsection (d) of K.S.A. 58-3950 and amendments theretoandwith that report, the holder of property presumedabandoned shall pay,deliver or cause to be paid or delivered to the administrator theproperty described in the report as unclaimed, but if, at the time providedfor delivery of the property a penalty or forfeiture in the paymentofinterest would result, the time for compliance is extended until a penalty orforfeiture would no longer result.
(b) If the property reported to the administrator is a security or securityentitlement under article 8 of the uniform commercial code, the administratoris an appropriate person to make an endorsement, instruction or entitlementorder on behalf of the apparent owner to invoke the duty of the issuer or itstransfer agent or the securities intermediary to transfer or dispose of thesecurity or the security entitlement in accordance with article 8 of theuniform commercial code.
(c) If the holder of property reported to the administrator is the issuer ofa certificated security, the administrator has the right to obtain areplacement certificate pursuant to K.S.A. 84-8-405, and amendments thereto,but an indemnity bond is not required.
(d) An issuer, theholder and anytransfer agent or other person acting pursuant to the instructions ofandon behalf of the issuer or holder in accordancewith this section is not liable to the apparent owner and must be indemnifiedagainst claims of any person in accordancewith K.S.A. 58-3953 and amendments thereto for any loss or damage caused by thetransfer, issuanceanddelivery of the certificate or security to the administrator.
(e) A holder is required to deliver property reported as aggregate underK.S.A. 58-3950, and amendments thereto, only if the total amount of theaggregateproperty reported exceeds $250.
History: L. 1994, ch. 8, § 19;L. 1999, ch. 100, § 8;L. 2000, ch. 125, § 5; Apr. 27.