Kentucky Statutes 286.3-850 – Definitions
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As used in KRS § 286.3-852 to KRS § 286.3-884:
(1) “Bank” means any bank, which is now or may hereafter be organized under the laws of this state;
(2) “FDIC” means the Federal Deposit Insurance Corporation and includes any successor to the corporation or other agency or instrumentality of the United States which undertakes to discharge the purposes of the corporation;
(3) “Receivership court” means the Circuit Court for the county in which the bank is located; and
(4) “Insolvent” means that appearing upon examination of any bank its liabilities exceed its assets or it cannot meet its obligations in the usual and ordinary course of business for any reason.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 324, sec. 41, effective July 13, 1984.
Formerly codified as KRS § 287.850.
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.
(1) “Bank” means any bank, which is now or may hereafter be organized under the laws of this state;
Terms Used In Kentucky Statutes 286.3-850
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means either a for-profit corporation or limited liability company. See Kentucky Statutes 286.3-010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
(2) “FDIC” means the Federal Deposit Insurance Corporation and includes any successor to the corporation or other agency or instrumentality of the United States which undertakes to discharge the purposes of the corporation;
(3) “Receivership court” means the Circuit Court for the county in which the bank is located; and
(4) “Insolvent” means that appearing upon examination of any bank its liabilities exceed its assets or it cannot meet its obligations in the usual and ordinary course of business for any reason.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 324, sec. 41, effective July 13, 1984.
Formerly codified as KRS § 287.850.
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.