Kentucky Statutes 457.290 – Stocks and bonds
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Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to:
(1) Buy, sell, and exchange stocks and bonds;
(2) Establish, continue, modify, or terminate an account with respect to stocks and bonds;
(3) Pledge stocks and bonds as security to borrow, pay, renew, or extend the time of payment of a debt of the principal;
(4) Receive certificates and other evidences of ownership with respect to stocks and bonds; and
(5) Exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 48, effective July 15, 2020.
(1) Buy, sell, and exchange stocks and bonds;
Terms Used In Kentucky Statutes 457.290
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Kentucky Statutes 457.020
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Kentucky Statutes 457.020
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Power of attorney: means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See Kentucky Statutes 457.020
- Principal: means an individual who grants authority to an agent in a power of attorney. See Kentucky Statutes 457.020
- Stocks and bonds: means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other
manner. See Kentucky Statutes 457.020
(2) Establish, continue, modify, or terminate an account with respect to stocks and bonds;
(3) Pledge stocks and bonds as security to borrow, pay, renew, or extend the time of payment of a debt of the principal;
(4) Receive certificates and other evidences of ownership with respect to stocks and bonds; and
(5) Exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 48, effective July 15, 2020.