Kentucky Statutes 292.430 – Consent to service of process
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(1) Every applicant for registration as a broker-dealer, agent, investment adviser, or investment adviser representative under this chapter and every issuer which proposes to offer a security in this state through any person acting on an agency basis in the common law sense shall file with the commissioner, in such form as the commissioner by rule prescribes, an irrevocable consent appointing the commissioner or the commissioner’s successor in office to be the applicant’s attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against the applicant or the applicant’s successor, executor, or administrator which arises under this chapter or any rule or order hereunder after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. A person who has filed such a consent in connection with a previous registration need not file another. Service may be made by leaving a copy of the process in the office of the commissioner, but it is not effective unless:
(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding instituted by the commissioner, forthwith sends notice of the service and a copy of the process by certified mail, return receipt requested, or by registered mail to the defendant or respondent at his or her last address on file with the commissioner; and
(b) The plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
(2) Every issuer of a covered security and every covered adviser who makes a notice filing with Kentucky under this chapter shall file with the commissioner, in the form as prescribed by administrative regulation, an irrevocable consent appointing the commissioner or the commissioner’s successor in office to be his or her attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him or her or his or her successor, executor, or administrator that arises under this chapter or under any rule or order under this chapter after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. A person who has filed a consent in connection with a previous notice filing need not file another. Service may be made by leaving a copy of the process in the office of the commissioner, but it is not effective unless:
(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding instituted by the commissioner, sends notice of the service and a copy of the process by certified mail, return receipt requested, or by registered mail to the defendant or respondent at his or her last address on file with the commissioner; and
(b) The plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within the time as the court allows.
(3) When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order hereunder, and the person has not filed a consent to service of process under subsection (1) or (2) of
this section and personal jurisdiction over him or her cannot otherwise be obtained in this state, that conduct shall be considered equivalent to his or her appointment of the commissioner or the commissioner’s successor in office to be the person’s attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against the person or the person’s successor executor or administrator which grows out of that conduct and which is brought under this chapter or any rule or order hereunder, with the same force and validity as if served on the person personally. Service may be made by leaving a copy of the process in the office of the commissioner, and it is not effective unless:
(a) The plaintiff, who may be the commissioner, in a suit, action, or proceeding instituted by the commissioner, forthwith sends notice of the service and a copy of the process by certified mail, return receipt requested, or by registered mail to the defendant or respondent at his or her last known address or takes other steps which are reasonably calculated to give actual notice; and
(b) The plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 872, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 20, sec. 16, effective July 15, 1998. — Amended 1994 Ky. Acts ch.
165, sec. 15, effective July 15, 1994. — Amended 1974 Ky. Acts ch. 315, sec. 49. — Amended 1972 Ky. Acts ch. 265, sec. 13. — Created 1960 Ky. Acts ch. 110, sec. 12, effective January 1, 1961.
(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding instituted by the commissioner, forthwith sends notice of the service and a copy of the process by certified mail, return receipt requested, or by registered mail to the defendant or respondent at his or her last address on file with the commissioner; and
Terms Used In Kentucky Statutes 292.430
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- 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.
- Agent: means any individual other than a broker-dealer who represents a broker- dealer or issuer in effecting or attempting to effect purchases or sales of securities. See Kentucky Statutes 292.310
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Broker-dealer: means any person engaged in the business of effecting transactions in securities for the account of others or for his own account. See Kentucky Statutes 292.310
- Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
(a) Sending the document or package. See Kentucky Statutes 446.010 - Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Covered adviser: means any person who is registered under Section 203 of the
Investment Advisers Act of 1940, 15 U. See Kentucky Statutes 292.310 - Covered security: means any security that is or upon completion of a transaction will be a covered security under Section 18(b) of the Securities Act of 1933, 15
U. See Kentucky Statutes 292.310 - Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Executor: A male person named in a will to carry out the decedent
- Issuer: means any person who issues or proposes to issue any security, except that with respect to certificates of deposit, voting trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors, or persons performing similar functions, or of the fixed, restricted management, or unit type, the term "issuer" means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which the security is issued, and except that with respect to fractional undivided interests in oil, gas, or other mineral rights, the term "issuer" means the owner of any such right or of an interest in such right, whether whole or fractional, who creates fractional interests therein for the purpose of distribution. See Kentucky Statutes 292.310
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual, a limited liability company, a corporation, a partnership, a limited partnership, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Kentucky Statutes 292.310
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Registered mail: means any governmental, commercial, or electronic method of delivery that allows a document or package to have:
(a) Its chain of custody recorded in a register to enable its location to be tracked. See Kentucky Statutes 446.010 - regulation: means either or both administrative rules or administrative regulations promulgated by any governmental or other regulatory or self-regulatory entity, as the context requires. See Kentucky Statutes 292.310
- Security: means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, life settlement investment, voting-trust certificate, certificate of deposit for a security. See Kentucky Statutes 292.310
- Service of process: The service of writs or summonses to the appropriate party.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) The plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
(2) Every issuer of a covered security and every covered adviser who makes a notice filing with Kentucky under this chapter shall file with the commissioner, in the form as prescribed by administrative regulation, an irrevocable consent appointing the commissioner or the commissioner’s successor in office to be his or her attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him or her or his or her successor, executor, or administrator that arises under this chapter or under any rule or order under this chapter after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. A person who has filed a consent in connection with a previous notice filing need not file another. Service may be made by leaving a copy of the process in the office of the commissioner, but it is not effective unless:
(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding instituted by the commissioner, sends notice of the service and a copy of the process by certified mail, return receipt requested, or by registered mail to the defendant or respondent at his or her last address on file with the commissioner; and
(b) The plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within the time as the court allows.
(3) When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order hereunder, and the person has not filed a consent to service of process under subsection (1) or (2) of
this section and personal jurisdiction over him or her cannot otherwise be obtained in this state, that conduct shall be considered equivalent to his or her appointment of the commissioner or the commissioner’s successor in office to be the person’s attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against the person or the person’s successor executor or administrator which grows out of that conduct and which is brought under this chapter or any rule or order hereunder, with the same force and validity as if served on the person personally. Service may be made by leaving a copy of the process in the office of the commissioner, and it is not effective unless:
(a) The plaintiff, who may be the commissioner, in a suit, action, or proceeding instituted by the commissioner, forthwith sends notice of the service and a copy of the process by certified mail, return receipt requested, or by registered mail to the defendant or respondent at his or her last known address or takes other steps which are reasonably calculated to give actual notice; and
(b) The plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 872, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 20, sec. 16, effective July 15, 1998. — Amended 1994 Ky. Acts ch.
165, sec. 15, effective July 15, 1994. — Amended 1974 Ky. Acts ch. 315, sec. 49. — Amended 1972 Ky. Acts ch. 265, sec. 13. — Created 1960 Ky. Acts ch. 110, sec. 12, effective January 1, 1961.