KRS § 393A.330 — KY Code / Title XXXIV / Chapter 393A / Section 393A.330
393A.330 Payment or delivery of property to administrator
Status: in_force

393A.330 Payment or delivery of property to administrator.

(1) Except as otherwise provided in this section, on filing a report under KRS

393A.220, the holder shall pay or deliver to the administrator the property described

in the report.

(2) If property in a report under KRS 393A.220 is an automatically renewable deposit

and a penalty or forfeiture in the payment of interest would result from paying the

deposit to the administrator at the time of the report, the date for payment of the

property to the administrator is extended until a penalty or forfeiture no longer

would result from payment, if the holder informs the administrator of the extended

date.

(3) Tangible property in a safe-deposit box shall not be delivered to the administrator

until one hundred twenty (120) days after filing the report under KRS 393A.220.

(4) If property reported to the administrator under KRS 393A.220 is a security, the

administrator may:

(a) Make an endorsement, instruction, or entitlement order on behalf of the

apparent owner to invoke the duty of the issuer, its transfer agent, or the

securities intermediary to transfer the security; or

(b) Dispose of the security under KRS 393A.410.

(5) If the holder of property reported to the administrator under KRS 393A.220 is the

issuer of a certificated security, the administrator may obtain a replacement

certificate in physical or book-entry form under KRS 355.8-405. An indemnity

bond shall not be required.

(6) The administrator shall establish procedures for the registration, issuance, method

of delivery, transfer, and maintenance of securities delivered to the administrator by

a holder.

(7) An issuer, holder, and transfer agent or other person acting under this section under

instructions of and on behalf of the issuer or holder shall not be liable to the

apparent owner for, and shall be indemnified by the state against, a claim arising

with respect to property after the property has been delivered to the administrator.

(8) A holder shall not be required to deliver to the administrator a security identified by

the holder as a non-freely transferable security. If the administrator or holder

determines that a security is no longer a non-freely transferable security, the holder

shall deliver the security on the next regular date prescribed for delivery of

securities under this chapter. The holder shall make a determination annually

whether a security identified in a report filed under KRS 393A.220 as a non-freely

transferable security is no longer a non-freely transferable security.

(9) (a) If property reported to the administrator is virtual currency, the holder shall

liquidate the virtual currency and remit the proceeds to the administrator.

(b) The liquidation shall occur anytime within ninety (90) days prior to the filing

of the report under KRS 393A.220.

(c) The owner shall not have recourse against the holder or the administrator to

recover any gain in value that occurs after the liquidation of the virtual

currency under this subsection.