{"data":{"id":"us-ky/krs-393.117","jurisdiction":"us-ky","citation":"KRS 393.117","heading":"Conditions governing enforceability of agreements to locate property","body":"presumed abandoned.\n(1) An agreement by an owner, the primary purpose of which is to locate, deliver,\nrecover, or assist in the recovery of property that is presumed abandoned, is vo id\nand unenforceable if it was entered into during the period commencing on the date\nthat the property was presumed abandoned and extending to a time that is twenty -\nfour (24) months after the date that the property is paid or delivered to the\ndepartment. T his subsection shall not apply to an owner's agreement with an\nattorney to file a claim as to identified property or contest the administrator's denial\nof a claim.\n(2) An agreement by an owner, the primary purpose of which is to locate, deliver,\nrecover, o r assist in the recovery of property and that is not in violation of\nsubsection (1) of this section, is enforceable only if:\n(a) The agreement is in writing;\n(b) The agreement provides that the fee or compensation agreed upon is an\namount not more than ten percent (10%) of the value of the property collected;\n(c) The agreement clearly sets forth the nature of the property and the services to\nbe rendered;\n(d) The agreement is signed by the apparent owner; and\n(e) The agreement states the value of the property before and after the fee or other\ncompensation has been deducted.\n(3) An agreement covered by this section that provides for compensation that is\nunconscionable is unenforceable except by the owner. An owner who has agreed to\npay compensation that is unc onscionable, or the administrator on behalf of the\nowner, may maintain an action to reduce the compensation to a conscionable\namount. The court may award reasonable attorney's fees to an owner who prevails\nin the action.\n(4) This section does not preclude an owner from asserting that an agreement covered\nby this section is invalid on grounds other than unconscionable compensation.\n(5) An advertisement, a written communication, or an agreement concerning the\nlocation, delivery, recover, or assistance in the recovery of property reported under\nthis chapter shall contain a provision stating that, by law, any contract provision\nrequiring the payment of a fee for finding property that has been held by the\nadministrator for less than twenty-four (24) months is void and not enforceable, and\nthat fees are limited to an amount not more than ten percent (10%) of the value of\nthe property collected.","path":["KRS Chapter 393"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=36211","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:24Z","sha256":"7c542771d7ec0a7a5f101523fea10578b78f95c6eeded791ac971d54ffaa1586","source_id":"us-ky","stale":false,"prev":"us-ky/krs-393.115","next":"us-ky/krs-393.120"},"notice":"GroundRules: Original legal text. Not legal advice."}