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Can you summarize KYRS Chapter 393A?
DESCENT, WILLS, AND ADMINISTRATION OF DECEDENTS' ESTATES > REVISED UNIFORM UNCLAIMED PROPERTY ACT
Short Summary
The Revised Uniform Unclaimed Property Act, part of the Kentucky Revised Statutes, governs the roles and responsibilities of various entities involved in holding or managing unclaimed property. It provides definitions for terms used in the act and outlines the obligations and regulations for entities such as the Kentucky State Treasurer, business associations, financial organizations, insurance companies, loyalty card issuers, property holders, securities holders, states, utilities, and others. The act includes exemptions for certain types of property and does not mention any specific penalties. It is important to refer to the specific sections of the Kentucky Revised Statutes for detailed information on the rights, obligations, and regulations pertaining to each entity mentioned in this chapter.
Whom does it apply to?
The Revised Uniform Unclaimed Property Act applies to entities mentioned in the act, including the Kentucky State Treasurer, business associations, financial organizations, insurance companies, loyalty card issuers, property holders, securities holders, states, utilities, and others involved in holding or managing unclaimed property.
What does it govern?
The Revised Uniform Unclaimed Property Act governs the roles and responsibilities of entities such as the Kentucky State Treasurer (Administrator), Administrator's agents, business associations, confidential information holders, domiciles, electronic communications, financial organizations, game-related digital content issuers, gift card issuers, holders of property subject to this chapter, insurance companies, loyalty card issuers, mineral owners, money order issuers, municipal bond issuers, owners of property subject to this chapter, payroll card issuers, persons, property holders, securities holders, signatories, states, stored-value card issuers, utilities, virtual currency issuers, and worthless security holders.
What are exemptions?
The act provides exemptions for certain types of property, including property held in a foreign country if the transaction was a foreign transaction, money or intangible property held by nonprofits exempt under Section 501(c)(3) of the Internal Revenue Code, funds related to minerals or raw materials used for fuel in manufacturing, processing, production, or mining, wages or salaries of $50 or less not claimed by an employee within one year (unless held on a payroll card), moneys in inmate accounts and prisoner canteen accounts held by jailers, and funds held in a lawyer IOLTA trust account under Supreme Court Rule 3.830.
What are the Penalties?
No penalties are mentioned in this chapter.
Jurisdiction
Kentucky