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Unclaimed Property Rules and Regulations

Following are links to laws pertaining to our Unclaimed Property division. These laws are provided as a service of the Information Network of Kansas.

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Unclaimed Property Laws

Kansas Unclaimed Property Administrative Regulations

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Time limits. Whenever limits of time are provided for in the act or in these rules and regulations the following shall govern: Whenever the time provided for is seven (7) days or more, Saturdays, Sundays and legal holidays shall be in- cluded in making the computation. Whenever the time so limited is less than seven (7) days, Satur- days, Sundays and legal holidays shall be excluded. Whenever the last day of any such period shall fall on a Saturday, Sunday or legal holiday, such day shall be omitted from the computation. (Author- Unclaimed Property Law ized by K.S.A. 1979 Supp. 58-3927; effective May 1, 1980.)

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Definitions.

  1. ``Demand deposit'' means every deposit which is not a ``time deposit'' or ``savings deposit''.
  2. ``Time deposit'' means ``time certificate of deposit'' and ``time deposit open account''.
  3. ``Time certificate of deposit'' means a de- posit evidenced by a negotiable or non-negotiable instrument which provides on its face that the amount of such deposit is payable:
    1. On a certain date, specified in the instru- ment, not less than thirty (30) days after the date of the deposit.
    2. At expiration of a specified period not less than thirty (30) days after the date of the instru- ment.
    3. Upon written notice to be given out less than thirty (30) days before the date of repayment.
  4. ``Time deposit, open account'' means a de- posit, other than a ``time certificate of deposit'', with respect to which there is in force a written contract with the depositor that neither the whole nor any part of such deposit may be withdrawn, by check or otherwise, prior to the date of matur- ity, which shall not be less than thirty (30) days after the date of the deposit; or prior to the ex- piration of a period of notice which must be given by the depositor in writing not less than thirty (30) days in advance of withdrawals.
  5. ``Savings deposit'' means a deposit with re- spect to which the depositor is not required by the deposit contract but may at any time be required by the financial institution to give notice in writing of an intended withdrawal not less than thirty (30) days before such withdrawal is made and which is not payable on a specified date or at the expiration of a specified time after the date of deposit.
  6. ``Charges that may lawfully be withheld'' means any type of deduction by a holder (includ- ing service charges, holding charges and admin- istrative costs) from property presumed aban- doned pursuant to the disposition of unclaimed property act, also deductions by a holder from property prior to the presumption of abandon- ment, which deductions were made by reason of the nonocurrence of the events or acts that pre- vent the presumption of abandonment, or by rea- son of the inactivity, dormancy of unclaimed status of the property.
  7. ``Memorandum on file'' means a written notation prepared in the ordinary course of busi- ness of a financial organization reflecting an oral or written interest expressed by the owner relating to his or her funds of deposit. To be effective as a bar to the presumption of abandonment the memorandum must be prepared contemporane- ously with the expression of interest by the owner and prepared and dated by a responsible repre- sentative of the financial organization.
  8. ``Annual correspondence'' means written correspondence mailed first class, postage prepaid, by the holder on an annual basis. (Authorized by K.S.A. 1979 Supp. 58-3927; effective May 1, 1980.)

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Charges by holder. Charges de- ducted by any holder shall be included as a por- tion of the report filed pursuant to K.S.A. 1979 Supp. 58-3912 along with the citation of the au- thority or a copy of the form or contract author- izing such charges. The value or amount of each item of property before any such charges were deducted therefrom shall also be stated in the re- port along with the amount of the charges de- ducted from each item and the date or dates on which such charges were deducted. The fact that the total charges deducted from an item of prop- erty equals or exceeds the value of the item shall not relieve the holder from making the report or providing the information requested on the report form. The state treasurer may by special inquiry to holder require additional explanation of charges including documentation of correspon- dence between the holder and owner, passbook provisions, signature cards, rules and regulations, by-laws, and other documents concerning any agreement between the holder and the owner. If payment of interest or dividends on property presumed abandoned pursuant to the disposition of unclaimed property act is discontinued, before or after the property is presumed abandoned, the holder shall include in the report filed pursuant to K.S.A. 1979 Supp. 58-3912 a statement explain- ing the discontinuance. The state treasurer, by special inquiry with the holder, may require doc- umentation relative to the discontinuance. (Au- thorized by K.S.A. 1979 Supp. 58-3927; effective May 1, 1980.)

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Action by holder. An act or occur- rence delaying or terminating the presumption of abandonment cannot result from the unilateral act of the holder except in those instances where cor- respondence is mailed by the holder and not re- turned. (Authorized by K.S.A. 1979 Supp. 58- 3927; effective May 1, 1980.) Agricultural Chemicals KANSAS STATE BOARD OF AGRICULTURE