58-3968. Agreement to locate reported property.
58-3968
58-3968. Agreement to locate reported property.(a) All agreements to pay compensation to recover or assist intherecovery of property reported under K.S.A. 58-3950, and amendmentsthereto, madewithin 24 monthsafter the date payment or delivery is made under K.S.A. 58-3952, andamendmentsthereto, areunenforceable.
(b) All agreements to pay compensation to recover or assist in therecovery of property reported under K.S.A. 58-3950, and amendmentsthereto, mademorethan 24months after the date payment or delivery is made under K.S.A. 58-3952,andamendments thereto, areunenforceable if the fee or compensation agreed upon is in excess of15% of the value of the recoverable property.The administrator may require a third party seeking information concerningunclaimed property held for an apparent owner to provide a copy of an agreementsigned by the claimant before releasing any information to the third party.
(c) State warrants that may be issued in payment for and redemptionof recoverable property may be issued, in the discretion of theadministrator, directly to the rightful owners or, as fiduciary of theestate of a deceased owner, to an heir or legatee, and not to a namedattorney in fact, agent, assignee or other person regardless ofwritten instructions to the contrary.
History: L. 1994, ch. 8, § 35;L. 2000, ch. 125, § 9; Apr. 27.