17-2206a. Undelivered funds due creditors, depositors and shareholders of defunct credit union; duties of administrator and state treasurer; undistributed assets of defunct credit unions fund.
17-2206a
17-2206a. Undelivered funds due creditors,
depositors and
shareholders of defunct credit union; duties of administrator and state
treasurer; undistributed assets of defunct credit unions fund.
On and after July 1, 1972, and in every case occurring heretofore and
hereafter, in which funds due to creditors, depositors and shareholders
on liquidation of institutions under the jurisdiction of the credit
union administrator under K.S.A. 17-2206 and 17-2230, and amendments
thereto, are
undelivered, they shall, together with accrued interest, if any, be paid
to the credit union administrator, who shall remit such
payments to
the state treasurer, in accordance with the provisions of K.S.A. 75-4215,
and
amendments thereto, and credit such individual creditors, depositors or
shareholders account in the undistributed assets of defunct credit union
fund ledger. The state treasurer shall
deposit the entire amount in the
state treasury
to the credit of the undistributed assets of defunct credit unions fund
which is hereby
created. Such fund shall be used only for refunds and
payments of
amounts due creditors, depositors and shareholders on claims filed with
and approved by the credit union administrator. Any balance remaining in
the fund from any single defunct credit union five
years, during
which time no person entitled thereto shall have appeared to claim such
funds, shall be transferred by the credit union administrator to the
state general fund and appropriate entries made in the individual
creditors, depositors or shareholders record, showing the date and
disposition of the funds and shall further recite that they were
transferred by reason of this statute of limitation.
History: L. 1972, ch. 62, § 1;
L. 2001, ch. 5, § 59; July 1.