Kentucky Statutes 286.3-455 – Commonwealth or its employees not liable for failure to disclose financial condition of bank or trust company
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In undertaking the examination of any bank or trust company, neither the Commonwealth of Kentucky, the commissioner, nor any examiner employed by the Commonwealth shall become liable to any depositor, investor, or other obligor of said bank or trust company by reason of said examination or omission of said examination to fully and effectively disclose the financial condition of said bank or trust company, it being the policy of the Commonwealth of Kentucky that such examinations as are required by KRS § 286.3-450 and KRS § 286.3-460, are for the purpose of determining compliance with state law and not for the purpose of protecting or guaranteeing the depositors, investors or other obligors of said bank or trust company.
Effective: July 13, 1984
Formerly codified as KRS § 287.455.
History: Amended 1984 Ky. Acts ch. 324, sec. 31, effective July 13, 1984. — Created
1980 Ky. Acts ch. 357, sec. 1, effective July 15, 1980.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
Effective: July 13, 1984
Terms Used In Kentucky Statutes 286.3-455
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.3-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Trust company: includes every corporation authorized by this subtitle to do a trust business. See Kentucky Statutes 286.3-010
Formerly codified as KRS § 287.455.
History: Amended 1984 Ky. Acts ch. 324, sec. 31, effective July 13, 1984. — Created
1980 Ky. Acts ch. 357, sec. 1, effective July 15, 1980.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.