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Can you summarize KSST 9-1917?
BANKING CODE; DISSOLUTION; INSOLVENCY > Undelivered funds due creditors, depositors and shareholders of defunct bank or trust company; duties of commissioner and state treasurer; undistributed assets of defunct institutions fund.
Short Summary
This legal document pertains to the undelivered funds due to creditors, depositors, and shareholders on the liquidation of institutions under the jurisdiction of the state bank commissioner. It states that such undelivered funds, along with accrued interest, shall be paid to the state bank commissioner, who will remit the payments to the state treasurer. The state treasurer will then deposit the funds into the undistributed assets of defunct institutions fund, which is created by this document. The fund will be used for refunds and payments to creditors, depositors, and shareholders with approved claims. If no person claims the funds within five years, the remaining balance will be transferred to the state general fund. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Creditors, depositors, and shareholders of institutions under the jurisdiction of the state bank commissioner
What does it govern?
Undelivered funds due creditors, depositors, and shareholders of defunct bank or trust company
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas