This legal document, part of the Kentucky Revised Statutes, governs loans to directors of corporations. It states that a corporation is generally prohibited from lending money to or guaranteeing the obligation of a director, unless certain conditions are met. These conditions include obtaining approval from a majority of the votes represented by outstanding voting shares, except those owned or controlled by the benefited director, or having the corporation’s board of directors determine that the loan or guarantee benefits the corporation and approving it.

This legal document pertains to the filing and maintenance of reports required by federal and state laws governing money laundering. It applies to licensees and their agents. The document requires licensees and their agents to file all reports required by federal currency reporting, recordkeeping, and suspicious transaction reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering for every transaction in the state of Kentucky.

This legal document pertains to banks doing business in the Commonwealth of Kentucky. It authorizes banks, whether state or nationally chartered, to purchase shares of a bank or bank holding company under certain conditions. The stock of the bank or bank holding company must be owned exclusively by depository institutions, and the bank or bank holding company and its subsidiaries must be engaged exclusively in providing services for depository institutions and related entities.

When any deposit is made by a minor, in his name, the bank may pay to him the amount deposited. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 591. Formerly codified as KRS 287.380. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.

This legal document, found in the Kentucky Revised Statutes under the Kentucky Financial Services Code, pertains to the validity of educational loans to minors. It states that the disabilities of nonage of minors are removed for the purpose of borrowing money from a state or national bank for their own higher educational purposes. Minors are authorized to make and execute promissory notes, contracts, or other instruments necessary to borrow money for their higher education.

This provision states that reports of examination and related correspondence of a bank or trust company are considered confidential information. It prohibits the release of information contained in the examination, except in certain circumstances. These include when required in a legal proceeding with a subpoena and protective order, when referred to a prosecuting attorney for possible criminal proceedings, when released to outside persons providing professional services to the bank, or when released to outside persons for the purpose of evaluating the bank for possible acquisition.

(1) As used in this section, ‘credit card guaranty’ means an agreement pursuant to which a natural person assumes liability for indebtedness to a bank incurred by use of a credit card without receiving the contractual right to obtain extensions of credit under the account for which the credit card is issued. (2) No credit card guaranty shall be valid or enforceable unless it is in writing signed by the guarantor and contains a provision specifying the amount of the maximum aggregate liability of the guarantor thereunder.

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.

Whenever the FDIC pays or makes available for payment the insured deposit liabilities of a closed bank, the FDIC, whether or not it acts as receiver, shall be subrogated to all rights of depositors against the closed bank to the same extent as subrogation is provided for in the Federal Deposit Insurance Act, 12 U.S.C. secs. 1811 et seq., in the case of a national bank. Effective: July 13, 1984 History: Created 1984 Ky.

For purposes of this subtitle, it shall be illegal for any individual, corporation or bank holding company to directly or indirectly acquire, control, hold, charter, convert or operate any bank, as defined in KRS 286.3-900, located in this state which is an ‘insured bank’ or eligible to become an ‘insured bank’ as that term is defined in the Federal Deposit Insurance Act, which does not both accept deposits that the depositor has the legal right to withdraw on demand and actively engage in the business of making commercial loans.