58-3979. United States savings bonds; unclaimed property; escheat; procedure.
58-3979
58-3979. United States savings bonds; unclaimedproperty; escheat; procedure.(a) Notwithstanding the provisions of subsection (b) ofK.S.A. 58-3953, and amendments thereto, United States savings bonds which areunclaimedpropertyandsubject to the provisions of K.S.A. 58-3934 et seq., and amendmentsthereto,shall escheat to thestate of Kansas three years after becoming unclaimed property and subject tothe provisions ofK.S.A. 58-3934 et seq., and amendments thereto, and all propertyrights to such United States savings bonds or proceeds from such bonds shallvest solely in the state of Kansas.
(b) Within 180 days after the three years in subsection (a), if no claim hasbeen filed inaccordance with the provisions of K.S.A. 58-3934 et seq., andamendmentsthereto, for suchUnited States savings bonds, the administrator shall commence a civil action inthedistrict court ofShawnee county for a determination that such United States savings bonds shallescheat to thestate. The administrator may postpone the bringing of such action untilsufficient United Statessavings bonds have accumulated in the administrators custody to justify theexpense of suchproceedings.
(c) If no person shall file a claim or appear at the hearing to substantiatea claim orwhere the court shall determine that a claimant is not entitled to the propertyclaimed by suchclaimant, then the court, if satisfied by evidence that the administrator hassubstantially compliedwith the laws of this state, shall enter a judgment that the subject UnitedStatessavings bonds haveescheated to the state.
(d) The administrator shall redeem such United States savings bonds escheatedto thestate and the proceeds from such redemption of United States savings bondsshall be deposited in the state general fund in accordance with the provisionsof K.S.A. 58-3956, and amendmentsthereto.
History: L. 2000, ch. 125, § 1; Apr. 27.