Unclaimed Property In Safekeeping Repositories Of The Kentucky Department Of Treasury May Be Disposed Of By Public Auction
Added January 30th, 2014 · Updated April 4th, 2016
Administrative provision regarding public auction of unclaimed property in safe deposit boxes or other safe keeping repositories of the department.
Kentucky Administrative Regulations
Title 20. DEPARTMENT OF TREASURY
Chapter 1. State Treasury
§ 20 KAR 1:060. Unclaimed property; safe deposit boxes or other safekeeping repositories
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(5) Property shall be secured in the department vault for safekeeping purposes. Tangible property shall be retained for a period of three (3) years and then put to public auction, pursuant to KRS Chapter 393, and proceeds, less costs, paid to the state. Intangible property shall be retained for a period of one (1) year, then liquidated and the proceeds, less costs, paid to the state. Owners of property shall be credited for the amount received through liquidation or auction.
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Kentucky Administrative Regulations
Title 20. DEPARTMENT OF TREASURY
Chapter 1. State Treasury
§ 20 KAR 1:060. Unclaimed property; safe deposit boxes or other safekeeping repositories
* * *
(5) Property shall be secured in the department vault for safekeeping purposes. Tangible property shall be retained for a period of three (3) years and then put to public auction, pursuant to KRS Chapter 393, and proceeds, less costs, paid to the state. Intangible property shall be retained for a period of one (1) year, then liquidated and the proceeds, less costs, paid to the state. Owners of property shall be credited for the amount received through liquidation or auction.
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Laws change and requirements vary by state. This is general information and may be out of date. Check the official state sources, or ask a lawyer, before relying on it.
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