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Can you summarize KSST 9-1915?
BANKING CODE; DISSOLUTION; INSOLVENCY > Deposits or debts while insolvent; liability.
Short Summary
This section of the Kansas Statutes, under the BANKS AND BANKING; TRUST COMPANIES » BANKING CODE; DISSOLUTION; INSOLVENCY, prohibits the president, director, managing officer, cashier, or any other officer of a bank from accepting deposits that would create an excess above the federal deposit insurance corporation insured deposit amount, after having knowledge of the bank’s insolvency or failing circumstances. It is the duty of every such officer or managing officer to examine the bank’s affairs and know its condition. Failure to discharge this duty implies knowledge of the bank’s insolvency or failing circumstances. Violators of this section are individually responsible for the deposits received. However, directors or officers who have paid more than their share of the mentioned liabilities have the right to seek legal remedy against those who have not paid their full share.
Whom does it apply to?
President, director, managing officer, cashier or any other officer of any bank
What does it govern?
Deposits or debts while insolvent
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Responsible individually for such deposits so received, except that any director or officer who may have paid more than such person's share of the liabilities mentioned in this section shall have the proper remedy at law against such other persons as shall not have paid their full share of such liabilities
Jurisdiction
Kansas