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Unclaimed Property Exceptions
Path: Home>Divisions>Unclaimed>Holders>UP Exceptions Saturday, Jul 31, 2010
Topeka, KS Time: 10:54am
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Exceptions to the Unclaimed Property Act as of 2010
Gift cards and gift certificates issued after 1994. The requirement to report was deleted from the statute in 2001. This property may need to be reported to the state of your incorporation if required by state statute. Reloadable debit/bank cards are not exempt.

Vendor to vendor payments of a commercial nature, issued after 1994. The issuing company retains this property. The expectation is that, eventually, the money will be paid to the business associate. This property may need to be reported to the state of your incorporation if required by state statute.

Warrants issued by county treasurers According to K.S.A. 10-815 and 19-320, these funds can be re-deposited into the fund upon which such warrants were drawn.

Warrants issued by city treasurers According to K.S.A. 10-816, these funds can be re-deposited into the fund upon which such warrants were drawn.

Abandoned and disabled vehicles According to K.S.A. 8-1101 et seq, a public agency may impound the vehicles and dispose of them in the prescribed manner.

Assets under the bank commissioner's control as a result of the liquidation of a bank, savings and loan or credit union According to K.S.A. 9-1918, 17-5564, and 17-2206a, these funds are deposited into the state treasury by the bank commissioner's office and administered by them.

Stray animals of any type According to K.S.A. 47-229 et seq, a person taking up a stray is bound to feed and care for it, but is not held responsible for its death, unless they cause it. The "taker-up" of the stray must report it to the sheriff and the sheriff and livestock commissioner attempt to locate the owner. The sheriff may eventually sell the animal with the net proceeds going to the county treasurer of the county where the stray was found.

Assets of a person who dies without a will or apparent heirs According to K.S.A. 59-514 and 59-901 thru 59-905, this property is turned over to the Treasurer's office (Debby Boden) for the Kansas Department of Revenue. KDOR holds money in a special fund for 10 years then it reverts to the state general fund. The money cannot be claimed after 10 years.

Salvage found in a creek or river. According to K.S.A. 70-101 et seq, a finder of such salvage is allowed to keep property after following certain steps.

Estate of Absentees According to K.S.A. 59-2701 et seq, personal property of a person who has disappeared and remains unheard from by persons likely to hear from them or a person who is reported as a prisoner of war or MIA by the DOD is not subject to unclaimed property reporting.

Dividends paid by cooperative corporations or public utilities According to K.S.A. 17-1501, 17-1601,17-4601 and 17-6001, this property (including city water departments) can be retained by the issuing corporation/entity.

Public Utility Deposits According to K.S.A. 12-822, unclaimed utility deposits may be retained by the utility company if they follow the statutorily described procedures prior to removing those deposits from their segregated account maintained for that purpose.

 
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