(1) Officers, owners, directors and shareholders of companies subject to the provisions of KRS § 367.932 to KRS § 367.974 and 367.991 who knew of failure to comply with any of the trust provisions of KRS § 367.932 to KRS § 367.974 and 367.991 and who fail to take prompt and reasonable actions to correct, including notification to the Attorney General’s office, shall be personally liable, jointly and severally, for the deficiency existing in the trust funds and for any other civil remedy allowed by law.
(2) In addition to the liabilities declared, the person who brings suit and recovers from an owner, officer, director, or shareholder of a company, shall also recover his reasonable attorney’s fees, the amount to be fixed and adjudged by the court before whom the case is tried.
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Terms Used In Kentucky Statutes 367.968

  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010

Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 116, sec. 21, effective July 13, 1984.

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