Kentucky Statutes 41.250 – Liability of Treasurer and state depository not affected by bond or pledge
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The execution of the bond or the pledge of the warrants or bonds required by KRS § 41.240 shall not diminish the liability of the Treasurer and his or her sureties upon his or her bond, nor impair or delay the right of the state to recover on the Treasurer’s bond for any loss or misapplication of the public funds or other delinquency in office, nor impair or delay the right of the state to recover from any delinquent or defaulting bank, or the officers or stockholders thereof, in the same manner as other depositors.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 155, sec. 13, effective June 29, 2021. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4693.
Effective: June 29, 2021
Terms Used In Kentucky Statutes 41.250
- Bank: includes any bank or savings and loan association chartered by the State of Kentucky or the United States government designated to take custody of state funds on deposit, for periods greater than overnight, with the intent to honor presentments against those deposits. See Kentucky Statutes 41.010
- public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. 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
History: Amended 2021 Ky. Acts ch. 155, sec. 13, effective June 29, 2021. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4693.