17-5564.   Undelivered funds due creditors, depositors and shareholdersof 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 andhereafter, in which funds due to creditors, depositors and shareholders onliquidation of savings and loan associations under K.S.A. 17-5561 areundelivered, they shall, together with accrued interest, if any, be paid tothe savings and loan commissioner, who shall deposit such payments with thestate treasurer and credit such individual creditors, depositors orshareholders account in the undistributed assets of defunct associationfund ledger. The state treasurer shall credit all such deposits to theundistributed assets of defunct associations fund which is hereby created.Said fund shall be used only for refunds and payments of amounts duecreditors, depositors and shareholders on claims filed with and approved bythe savings and loan commissioner. Any balance remaining in said fund fromany single defunct association five (5) years, during which time no personentitled thereto shall have appeared to claim such funds, shall betransferred by the savings and loan commissioner to the state general fundand appropriate entries made in the individual creditors, depositors orshareholders record, showing the date and disposition of the funds andshall further recite that they were transferred by reason of this statuteof limitation.

      History:   L. 1972, ch. 69, § 1; July 1.