Skip to main content
Find a Lawyer

Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.3-140.Amendment of articles and reorganization to engage in a trust business; consolidation; transfer of fiduciary account to affiliate

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Except as provided in subsection (2) of this section, a bank may amend its articles of incorporation or reorganize to permit it to engage in a trust business.

(2) A bank that acts as a fiduciary under the authority of a permit obtained prior to May 31, 1938, under 1920 Ky. Acts ch. 128, may continue to act as a fiduciary under that Act.

(3)(a) Any bank and trust company may consolidate into a resulting combined bank and trust company.

(b) The consolidated corporation shall issue stock for an equivalent amount in value of the stock of the constituent corporations.

(4)(a) Upon written approval of the commissioner, a bank or trust company may transfer one (1) or more fiduciary accounts under its administration to an affiliate of the trust company or bank, as defined in KRS 286.3-230(6), located in this state, if the transferring bank or trust company:

1. Not later than thirty (30) days prior to the date of transfer, sends the following, in writing, to the person or entity that was the recipient of the last account status report:

a. Notice of the transfer; and

b. Notice that the person has a right to object to the transfer in the probate division of District Court; and

2. Within ten (10) days after the date of transfer, files an affidavit recording the transfer in the District Court, probate division, of the county in which its principal office is located.

(b) The notice required under paragraph (a)1. of this subsection shall be deemed effective when mailed by the bank or trust company.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.3-140.Amendment of articles and reorganization to engage in a trust business; consolidation; transfer of fiduciary account to affiliate - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-286-3-140/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard