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Can you summarize KYRS 286.3-800?
Banks and Trust Companies > Recognition of adverse claim to a deposit.
Short Summary
This legal document pertains to the recognition of adverse claims to a deposit in banks and trust companies in Kentucky. It states that a notice of an adverse claim to a deposit will not be effective unless the adverse claimant either obtains a restraining order, injunction, or other appropriate process against the bank from a court of competent jurisdiction, with the person to whose credit the deposit stands being made a party to the action and served with summons, or executes a bond indemnifying the bank from any liability, loss, damage, costs, and expenses related to the adverse claim or the dishonor of any check or other order of the person to whose credit the deposit stands. The document was created in 1978 and is now codified as a section of the Kentucky Financial Services Code.
Whom does it apply to?
Any bank doing business in the Commonwealth
What does it govern?
Recognition of adverse claim to a deposit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky