Ask Reggi Your Question Now
Can you summarize KSST 9-550?
MISCELLANEOUS PROVISIONS > Certificate of existence and authority.
Short Summary
This legal document, known as the Certificate of Existence and Authority, pertains to persons opening a deposit account, loan account, or other banking relationship on behalf of an entity with a financial institution in Kansas. The document allows such persons to provide the financial institution with a certificate as evidence of the entity’s existence and the person’s authority to act on behalf of the entity. The certificate must include information such as the entity’s name, mailing address, type, formation details, and the person’s name, address, and position. If a financial institution accepts the certificate, it can open and administer the account based on the provided information without liability, unless it has actual knowledge of inaccuracies. The document does not prohibit financial institutions from requesting additional information or agreements to establish an account. The document defines ’entity’ as any government, corporation, partnership, association, or legal entity, and ‘financial institution’ as a federal- or state-chartered commercial bank, savings and loan association, or savings bank.
Whom does it apply to?
Persons opening an account on behalf of an entity with a financial institution in Kansas
What does it govern?
Providing evidence of the existence of an entity and the authority of a person to act on behalf of the entity with respect to a banking relationship
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas