Kentucky Statutes 386.040 – Securities of certain federal agencies authorized as collateral
Current as of: 2024 | Check for updates
|
Other versions
Notes or bonds secured by mortgage or trust deed insured and debentures issued by the Federal Housing Administrator, debentures issued by national mortgage associations, and any electric revenue bonds or other obligations issued by the Tennessee Valley Authority, are eligible securities for the purpose, wherever the statutes of this state require, of:
(1) Collateral as security for the deposit of public or other funds; (2) Deposits to be made with any public official or department; (3) Investment of capital or surplus; or
(4) A reserve or other fund to be maintained consisting of designated securities.
Effective: June 16, 1960
History: Amended 1960 Ky. Acts ch. 188, sec. 1, effective June 16, 1960. — Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4706-8.
(1) Collateral as security for the deposit of public or other funds; (2) Deposits to be made with any public official or department; (3) Investment of capital or surplus; or
Terms Used In Kentucky Statutes 386.040
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(4) A reserve or other fund to be maintained consisting of designated securities.
Effective: June 16, 1960
History: Amended 1960 Ky. Acts ch. 188, sec. 1, effective June 16, 1960. — Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4706-8.