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Unclaimed Property in Kentucky Laws and Regulations

Learn how to find and return property with laws on Kentucky unclaimed properties

By Emmet McMahan
Unclaimed property in Kentucky laws and regulations are based partially on the common law of property. This generally means that unclaimed property is property which has left the rightful owner’s possession without directly entering another owner’s possession.

The disposition of Kentucky state unclaimed property depends on the specific circumstances under which it is found. There are three types of unclaimed property:
  1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of KY unclaimed property is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
  2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
  3. Abandoned property is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Abandoned property belongs to the finder.

 

Learn about the laws regarding the owners of Kentucky escheat

Laws on unclaimed property are frequently used to determine the circumstances under which property must be returned to the owner. Unclaimed property laws and regulations are a resource for owners who wish to locate their unclaimed property. Contact the Kentucky Department of the Treasury to conduct a Kentucky unclaimed property search.
Try: BankersOnline.com answers a specific question on returning certified checks to the owner in Kentucky. Earl May Seed & Nursery provides their policy for owners who wish to use unclaimed property, such as expired gift cards, in accordance with recent unclaimed property laws in Kentucky.

Examine laws on holders of Kentucky unclaimed property

The Kentucky Attorney General provides an opinion involving lists of unclaimed property holders in Kentucky. They can determine when ownership of the unclaimed property passes to the holder.
Try: The Kentucky Office of the Attorney General covers the holding rules for unclaimed property in Kentucky. Exeter 1031 Exchange has an IRS ruling for banks holding unclaimed property in the form of dormant bank accounts in Kentucky.

Review state of Kentucky unclaimed property for finders

Unclaimed property laws for finders address procedures for how finders charge owners for locating, delivering, recovering or assisting in the recovery of their unclaimed property. Unclaimed property laws for finders may also cover the rights of the state to recover compensation for unclaimed property.
Try: The Commonwealth of Kentucky Department of Corrections provides the obligations for finders of abandoned property in Kentucky prisons. Title 20 of the Kentucky Administrative Rules provided by the Kentucky Legislative Research Commission discusses the claims of heir finders to unclaimed property.

 

  • The Uniform Unclaimed Property Act is a key piece of federal legislation that affects unclaimed property in KY. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.

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