Kentucky Statutes 286.5-591 – Transfer of property to federal association — Rights of creditors
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When a state association has been converted, merged, or consolidated into a federal association, all of its property and interest in property shall immediately by operation of law and without any act or deed of conveyance or transfer, become vested in the successor federal association. No creditor of the state association shall by reason of such conversion, merger or consolidation alone be deprived of or prejudiced with respect to any claim against the state association.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 38, effective June 18, 1964.
Formerly codified as KRS § 289.591.
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.
Effective: June 18, 1964
Terms Used In Kentucky Statutes 286.5-591
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Federal: refers to the United States. 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
- Statute: A law passed by a legislature.
History: Created 1964 Ky. Acts ch. 138, sec. 38, effective June 18, 1964.
Formerly codified as KRS § 289.591.
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.