17-5564. Undelivered funds due creditors, depositors and shareholders of defunct associations; duties of commissioner and state treasurer; undistributed assets of defunct associations fund.
17-5564
17-5564. Undelivered funds due creditors, depositors and shareholders
of defunct associations; duties of commissioner and state treasurer;
undistributed assets of defunct associations 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 savings and loan associations under K.S.A. 17-5561 are
undelivered, they shall, together with accrued interest, if any, be paid to
the savings and loan commissioner, who shall deposit such payments with the
state treasurer and credit such individual creditors, depositors or
shareholders account in the undistributed assets of defunct association
fund ledger. The state treasurer shall credit all such deposits to the
undistributed assets of defunct associations fund which is hereby created.
Said fund shall be used only for refunds and payments of amounts due
creditors, depositors and shareholders on claims filed with and approved by
the savings and loan commissioner. Any balance remaining in said fund from
any single defunct association five (5) years, during which time no person
entitled thereto shall have appeared to claim such funds, shall be
transferred by the savings and loan commissioner 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. 69, § 1; July 1.