9-1918. Escheat and disposition of certain property in custody of commissioner; escheat.
9-1918
9-1918. Escheat and disposition of certain property
in custody of commissioner;
escheat.
Whenever the state bank commissioner shall determine that property or assets
held in the commissioner's custody and received as a
result of the liquidation of
any institution under the jurisdiction of the commissioner has remained
in the commissioner's custody for a period of more
than 10 years, and no claim
has been filed during such period by any creditor, depositor or shareholder
of such institution, such property shall escheat to the
state. The commissioner
shall notify the director of purchases of the property or assets so held
and the director of purchases shall authorize and provide for the sales
of such property or assets in the manner provided by law for the sale of
obsolete or unused property of the state. All proceeds from the sale of
any such property or assets shall be remitted to the state
treasurer in accordance with the provisions of K.S.A. 75-4215, and amendments
thereto. Upon receipt of each such remittance, the state treasurer shall
deposit the entire amount in the state treasury to
the credit of the state general fund and appropriate entries made in the
records of the state bank commissioner showing the disposition of the property
or assets, the amount received therefor and the disposition thereof.
History: L. 1976, ch. 361, § 1;
L. 2001, ch. 5, § 47; July 1.