KANSAS OFFICE of
  REVISOR of STATUTES

  

Home >> Statutes >> Back


Click to open printable format in new window.Printable Format
 | Next

58-3955. Public sale of abandoned property; exceptions. (a) Except as provided in subsections (b) and (c), the administrator, within three years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords in the judgment of the administrator the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator the bid is insufficient. If in the judgment of the administrator the probable cost of sale exceeds the value of the property, the property need not be offered for sale. Any sale held under this section shall be preceded by a single publication of notice, at least three weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.

(b) Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.

(c) All securities presumed abandoned and delivered to the administrator shall be held for at least six months before they may be sold. All securities must be sold within one year after they are delivered to the administrator. A person making a claim under this act is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds received from the sale, less any amounts deducted pursuant to subsection (b) of K.S.A. 58-3956, and amendments thereto, but no person has any claim under this act against the state, the holder, any transfer agent, registrar or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the administrator.

(d) The purchaser of property at any sale conducted by the administrator pursuant to this act takes the property free of all claims of the owner or previous holder thereof and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership.

History: L. 1994, ch. 8, § 22; L. 2000, ch. 125, § 6; April 27.


 | Next

NEW
Interim Assignments for ROS Staff
2021 New, Amended and Repealed Statutes

2021 SPECIAL SESSION
Information for Special Session 2021

LEGISLATIVE COORDINATING COUNCIL
1/7/2022 Meeting Notice Agenda
12/17/2021 Meeting Notice Agenda
10/26/2021 Meeting Notice Agenda
9/27/2021 Meeting Notice Agenda
9/15/2021 Meeting Notice Agenda
8/5/2021 Meeting Notice Agenda
7/27/2021 Meeting Notice Agenda
7/15/2021 Meeting Notice Agenda
4/27/2021 Meeting Notice Agenda
4/1/2021 Meeting Notice Agenda
3/10/2021 Meeting Notice Agenda
12/30/2020 Meeting Notice Agenda
11/19/2020 Meeting Notice Agenda
9/16/2020 Meeting Notice Agenda
4/2/2020 Meeting Notice Agenda
3/29/2020 Meeting Notice Agenda
3/27/2020 Meeting Notice Agenda
3/24/2020 Meeting Notice Agenda

LCC Policies

REVISOR OF STATUTES
2020 Interim Committee Assignments
2022
Chapter 72 Statute Transfer List
Kansas School Equity & Enhancement Act
Gannon v. State
General Information, Legal Analysis & Research
2021 Amended & Repealed Statutes
2020 Amended & repealed Statutes
2019 Amended & Repealed Statutes
2018 Amended & Repealed Statutes
2017 Amended & Repealed Statutes
2016 Amended & Repealed Statutes
2015 Amended & Repealed Statutes
2014 Amended & Repealed Statutes
2013 Amended & Repealed Statutes

USEFUL LINKS
Session Laws

 OTHER LEGISLATIVE SITES
Kansas Legislature
Administrative Services
Division of Post Audit
Research Department