(1) All trust funds mentioned in KRS § 367.932 to KRS § 367.974 and 367.991 shall be deposited in the name of the agent, with the financial institution, as trustee, within thirty (30) days after receipt thereof, with a bank or trust company or invested in a savings and loan association and shall be held together with the interest, dividends, or accretions thereon, in trust, subject to the provisions of KRS § 367.932 to KRS § 367.974 and 367.991. The agent at the time of making deposit or investment shall furnish to the financial institution the name of each payor, and the amount of payment on each account for which the deposit or investment is being made.
(2) Deposits to such funds and the amounts deposited may be commingled, but the accounting records shall establish a separate account for each prepaid contract and shall show amounts deposited and the income and loss occurring thereon with respect to each contract.
contract signature

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Terms Used In Kentucky Statutes 367.938

  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Contract: A legal written agreement that becomes binding when signed.
  • Trustee: A person or institution holding and administering property in trust.

Effective: July 13, 1984
History: Repealed, reenacted, and amended as KRS § 367.938, 1984 Ky. Acts ch. 116, sec. 4, effective July 13, 1984. — Created 1966 Ky. Acts ch. 12, sec. 4.
Formerly codified as KRS § 316.340.

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