58-3956. Deposit of funds.
58-3956
58-3956. Deposit of funds.(a) Except as otherwise provided by this section, theadministratorshall promptly deposit in the state general fund all fundsreceived under this act, including the proceeds, from the sale ofabandoned property under K.S.A. 58-3955 and amendments thereto, and theproceeds from the redemption of United States savings bonds under K.S.A. 58-3979, and amendments thereto.The unclaimed property claims fund is herebycreated in the state treasury.The administrator shall credit moneys to the unclaimed property claims fundsufficient for theprompt payment of claims duly allowedby the administrator. The unclaimedproperty claims fund shall be in an amount of not less than $100,000. Beforemaking thedeposit, the administrator shall record the name and last knownaddress of each person appearing from the holders' reports to beentitled to the property and the name and last known address of eachinsured person or annuitant and beneficiary and with respect to eachpolicy or contract listed in the report of an insurance company itsnumber, the name of the company and the amount due. The record shallbe available for public inspection at all reasonable business hours.
(b) Before making any deposit to the credit of the state general fund, theadministrator may deductand credit to the unclaimedproperty expense fund which is hereby created in the state treasury:
(1) Any costs in connection with the sale of abandoned property;
(2) costs of mailing and publication in connection with anyabandoned property;
(3) operating expenses; and
(4) costs incurred in examining records of holders of propertyand in collecting the property from those holders.
History: L. 1994, ch. 8, § 23;L. 2000, ch. 125, § 7; Apr. 27.