58-3943. Stock and other intangible interests in business associations. - Kansas Statutes

58-3943

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 39.--DISPOSITION OF UNCLAIMED PROPERTY ACT

      58-3943.   Stock and other intangible interests in business associations.   This act does not apply to any stock or other intangibleownership interest enrolled in a plan that provides for the automaticreinvestment of dividends, distributions or other sums payable as aresult of the interest unless:

      (a)   The records available to the administrator of the planshow,with respect to any intangible ownership interest not enrolled inthe reinvestment plan, that the owner has not within five yearscommunicated in any manner described in paragraph (3)of subsection (a) of K.S.A. 58-3935, and amendments thereto; or

      (b)   five years have elapsed since the location of the ownerbecameunknown to the association, as evidenced by the return ofofficial shareholder notifications or communications by thepostal service as undeliverable, and the owner has not withinthose five years communicated in any manner described in paragraph (3) ofsubsection (a) of K.S.A. 58-3935, and amendmentsthereto. The five-year period from the return of official shareholdernotifications or communications shall commence from the earlierof the return of the second such mailing or the time the holderdiscontinues mailings to the shareholder.

      History:   L. 1994, ch. 8, § 10;L. 1999, ch. 100, § 5; Jan. 1, 2000.