Kentucky Statutes 286.5-411 – Payments of account, foreign fiduciary
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When a savings account is held in any association or federal savings and loan association by a nonresident, the account, together with additions thereto and earnings thereon, or any part thereof, may be paid to the administrator or executor appointed in the state or county where the account holder resided at the time of death, provided such administrator or executor has furnished the association with:
(1) Authenticated copies of his letters and of the order of the court which issued the letters to him authorizing him to collect, receive, and remove the personal estate, and
(2) An affidavit by the administrator or executor that to his knowledge no letters then are outstanding in this state and no petition for letters by an heir, legatee, devisee or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state. Upon payment or delivery to such representative after receipt of the affidavit and authenticated copies, the association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator, and is not required to see the application or disposition of the property.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138 sec. 63 (5), effective June 18, 1964.
Formerly codified as KRS § 289.411.
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.
(1) Authenticated copies of his letters and of the order of the court which issued the letters to him authorizing him to collect, receive, and remove the personal estate, and
Terms Used In Kentucky Statutes 286.5-411
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
- Decedent: A deceased person.
- earnings: means that part of the net income of an association which is declared payable on savings accounts and savings certificates from time to time by the board of directors, and is the cost of savings money to the association. See Kentucky Statutes 286.5-011
- Executor: A male person named in a will to carry out the decedent
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Legatee: A beneficiary of a decedent
- Personal estate: includes chattels, real and other estate that passes to the personal representative upon the owner dying intestate. See Kentucky Statutes 446.010
- Savings account: means that part of the savings liability of the association which is
credited to the account of the holders thereof. See Kentucky Statutes 286.5-011 - 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) An affidavit by the administrator or executor that to his knowledge no letters then are outstanding in this state and no petition for letters by an heir, legatee, devisee or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state. Upon payment or delivery to such representative after receipt of the affidavit and authenticated copies, the association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator, and is not required to see the application or disposition of the property.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138 sec. 63 (5), effective June 18, 1964.
Formerly codified as KRS § 289.411.
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.