§ 286.3-010 Definitions for subtitle
§ 286.3-020 Approval of application for charter — Prerequisites to financial institution doing business under its charter
§ 286.3-025 Prohibition against transacting business before issuance of charter
§ 286.3-030 Limitation on right to engage in business — Authorization for Kentucky chartered banks and subsidiaries to sell insurance — Names to be used by branch offices
§ 286.3-040 Who may organize — Number of directors required
§ 286.3-050 Organization to be approved by commissioner
§ 286.3-060 Oath required of each director before transacting business and upon any election or reelection — Oath to be filed with commissioner and subject to review
§ 286.3-065 Officers and directors to act in good faith and with necessary and reasonable care and diligence
§ 286.3-070 Minimum capital stock required
§ 286.3-080 Minimum capital and surplus required to begin business
§ 286.3-090 Reduction of capital stock of bank or trust company to be approved by commissioner — $2,500,000 in capital stock to be maintained
§ 286.3-095 Change in control or certain loans to be reported to commissioner — Contents of report
§ 286.3-100 Investment of bank funds — Property that may be held
§ 286.3-102 Activities permitted to state bank receiving CAMELS rating of 1 or 2 — Section not applicable to deferred deposit transactions or title pledge lending
§ 286.3-103 Investment in property
§ 286.3-105 Bank may acquire and hold personal property at request of customer — Property deemed collateral
§ 286.3-110 Investment of funds held in fiduciary capacity — Capital stock liable for fiduciary obligations
§ 286.3-115 Capital notes and debentures may be issued — Conditions
§ 286.3-135 Banker’s bank authorized — Limitations on holdings — Issuance of charter
§ 286.3-140 Amendment of articles and reorganization to engage in a trust business — Consolidation — Transfer of fiduciary account to affiliate
§ 286.3-145 Kentucky state trust company — Scope of activities — Acquisition of office within or outside of this state by Kentucky state trust company — Rights, privileges, obligations, and liabilities of selling trust company
§ 286.3-146 Out-of-state trust company doing business in Kentucky — Scope of activities — Fiduciary-related activities limited by reciprocity — Evidence and notice to be provided to commissioner
§ 286.3-150 Consolidation of trust companies — Method and effect
§ 286.3-160 State bank may reorganize as national bank
§ 286.3-170 National bank may reorganize as state bank
§ 286.3-172 Conditions of and procedure for conversion of national banking association to state bank or merger with state bank
§ 286.3-173 Conversion of state bank to or merger with national banking association
§ 286.3-174 Provisions of KRS 286.3-172 and 286.3-173 to constitute alternative method — Legislative purpose declared
§ 286.3-180 Banking business, where done — Branch banks
§ 286.3-183 Transfer of branches between commonly controlled banks
§ 286.3-185 Change of location — Approval by commissioner
§ 286.3-187 Bank acting as agent of another financial institution — Filing — Commissioner’s approval — Scope of activities
§ 286.3-190 Powers of banks
§ 286.3-193 Bank holidays
§ 286.3-199 Closing of banks — Emergency
§ 286.3-200 Certain banks may continue to act as fiduciaries
§ 286.3-210 Powers of banks or trust companies
§ 286.3-212 Deposit of securities with district federal reserve bank by bank acting as fiduciary or custodian for fiduciary — Accounting and crediting of deposits
§ 286.3-214 Rate of interest allowed on loans of $15,000 or less — Trust company not to extend credit — Exception
§ 286.3-215 Authority to charge interest in advance — Installment loans with interest in advance — Exceptions — Restrictions on installment loans
§ 286.3-218 Definitions for KRS 286.3-219 and 286.3-220
§ 286.3-219 Continuation of trust by corporate trustee — Limitations — Application
§ 286.3-220 Corporate fiduciaries subject to laws governing individuals — Security on bonds — Ability to serve as trustee of multiple trusts with common or nonidentical beneficiaries
§ 286.3-225 Appointment of a nominee by banking institutions acting in a fiduciary capacity
§ 286.3-230 Common trust funds — Consent of cofiduciary
§ 286.3-235 Common trust fund not separate entity for tax purposes — Circumstances when no gain or loss to be recognized
§ 286.3-240 Real estate mortgage investment fund — Participation certificates
§ 286.3-250 Operation of real estate mortgage investment fund
§ 286.3-260 Liquidation of investment fund
§ 286.3-270 Fiduciary may act in own name — Records — Investments not subject to debts of fiduciary
§ 286.3-272 Investment of fiduciary assets in company or trust associated with investing institution — Fee
§ 286.3-275 Limits on liability of bank or trust company acting as fiduciary
§ 286.3-277 Standards for bank or trust company acting as fiduciary
§ 286.3-280 Maximum debt of persons to bank or trust company
§ 286.3-290 Exceptions to maximum debt to banks
§ 286.3-300 Required reserves
§ 286.3-310 Bank may own stock in federal reserve bank or Federal Deposit Insurance Corporation
§ 286.3-320 Federal Deposit Insurance Corporation to be subrogated to rights against closed banks
§ 286.3-330 Assets may be pledged or surety bonds provided as collateral security — Security not required if deposit insured
§ 286.3-340 Preferred stock
§ 286.3-350 When dividends may be declared
§ 286.3-375 Preservation of bank records
§ 286.3-380 Deposits by minors
§ 286.3-385 Educational loans to minors — Validity
§ 286.3-450 Examination — Procedure — Agreement to examine and supervise branches — Joint examination and enforcement actions
§ 286.3-455 Commonwealth or its employees not liable for failure to disclose financial condition of bank or trust company
§ 286.3-460 Duties of examiners
§ 286.3-470 Information obtained by examination to be confidential — Exceptions — Reports as evidence
§ 286.3-480 Fees to be paid commissioner for services
§ 286.3-490 Reports to be made to commissioner — Contents — Information from officer, director, or board to commissioner
§ 286.3-530 Examination of institutions in hands of receiver — Reports of receivers
§ 286.3-630 Transfer of assets to another bank — Procedure — Publication of notice
§ 286.3-640 Relief to aggrieved shareholders
§ 286.3-660 Annual report of commissioner
§ 286.3-690 Cease and desist orders — Orders of suspension or removal from office — Appeal — Enforcement of orders
§ 286.3-695 Approval of state-chartered bank officers or directors required in certain instances
§ 286.3-710 Definitions for KRS 286.3-720 to 286.3-770
§ 286.3-720 Form and provisions of credit plan — Disclosures
§ 286.3-730 Billing cycle — Payment of balance — Payment of credit card charges
§ 286.3-740 Finance charges — Rate
§ 286.3-750 Additional fees, charges and costs
§ 286.3-760 Limitation on amount charged
§ 286.3-765 “Credit card guaranty” defined — Requirement to insure validity
§ 286.3-770 Credit plans not invalidated
§ 286.3-800 Recognition of adverse claim to a deposit
§ 286.3-820 Operation of loan production office by bank
§ 286.3-850 Definitions
§ 286.3-852 Applicability of KRS 286.3-850 to 286.3-884
§ 286.3-854 Closing of bank by commissioner — Written statement of grounds — Appointment of receiver
§ 286.3-856 Tender of appointment as receiver to FDIC
§ 286.3-858 Vesting of assets in receiver
§ 286.3-860 Notice of closing to be posted — Effect
§ 286.3-862 Powers and duties of receiver
§ 286.3-864 “Preference” defined
§ 286.3-866 Sale of assets by receiver — Borrowing from FDIC by receiver
§ 286.3-868 Claims procedure — Publication — Rejection of claim — Petition to receivership court
§ 286.3-870 Late claim’s share in undistributed assets
§ 286.3-872 Order of payment of claims
§ 286.3-874 Rights of receiver under participation agreements
§ 286.3-876 Receiver’s election to reject a lease — Effect
§ 286.3-878 FDIC subrogated to rights of depositors
§ 286.3-880 Receiver to appoint successor to bank’s rights, assets, obligations
§ 286.3-882 KRS 286.3-850 to 286.3-884 is exclusive procedure for appointment of receiver or liquidating agent
§ 286.3-884 Destruction of closed bank’s records
§ 286.3-900 Definitions of terms used in this section and KRS 286.3-905 — Acquisition of in-state banks — Limitations — In-county merger or consolidation
§ 286.3-905 Filing of application to acquire bank with commissioner — Examination of applicant — Cooperative agreements by commissioner to examine out-of-state bank or exchange confidential information
§ 286.3-910 Illegal acquisitions
§ 286.3-915 Bank combinations — Operation of a combined bank as a branch of the surviving bank — Transfer of combined bank’s main office and branches — Definitions
§ 286.3-920 Interstate merger transactions — Restrictions — Combinations of commonly controlled banks — Scope of activities of branch outside home state
§ 286.3-990 Penalties

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Terms Used In Kentucky Statutes > Chapter 286 > Subtitle 3 - Banks and Trust Companies

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • 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.
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Articles of incorporation: means the organizing documents of a corporation filed with the Secretary of State in accordance with KRS Chapter 271B or 275. See Kentucky Statutes 286.3-010
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
  • Board of directors: means the governing body of a corporation elected or otherwise chosen by the shareholders, including the managers of a limited liability company. See Kentucky Statutes 286.3-010
  • branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
  • Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
  • Capital stock: shall mean , at any particular time, the sum of:
    (a) The par value of all shares of the corporation having a par value that have been issued. See Kentucky Statutes 286.3-010
  • 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
  • City: includes town. See Kentucky Statutes 446.010
  • Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.3-010
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means either a for-profit corporation or limited liability company. See Kentucky Statutes 286.3-010
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Department of Financial Institutions. See Kentucky Statutes 286.3-010
  • Dependent: A person dependent for support upon another.
  • Director: means a member of the board of directors. See Kentucky Statutes 286.3-010
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Dividends: means a distribution of money, stock, or other property to shareholders of a corporation. See Kentucky Statutes 286.3-010
  • Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Home state: means :
    (a) With respect to a state bank or out-of-state state bank, the state by which the bank is chartered. See Kentucky Statutes 286.3-010
  • Home state regulator: means , with respect to an out-of-state state bank, the bank supervisory agency of the state in which such bank is chartered. See Kentucky Statutes 286.3-010
  • Host state: means a state, other than the home state, in which the bank maintains, or seeks to establish and maintain, a branch. See Kentucky Statutes 286.3-010
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • 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.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mistrial: An invalid trial, caused by fundamental error. When a mistrial is declared, the trial must start again from the selection of the jury.
  • Month: means calendar month. See Kentucky Statutes 446.010
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipality: means a county, city, or urban-county government. See Kentucky Statutes 286.3-010
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Out-of-state bank: means a bank chartered under the laws of any state other than
    Kentucky. See Kentucky Statutes 286.3-010
  • Out-of-state trust company: means a trust company that is chartered under the laws of a state other than Kentucky. See Kentucky Statutes 286.3-010
  • Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
  • Personal property: All property that is not real property.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Population: means the population as indicated by the latest regular United States census. See Kentucky Statutes 286.3-010
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Quorum: The number of legislators that must be present to do business.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Share: means the shares of stock or the unit of equity into which the proprietary interests in a corporation are divided. See Kentucky Statutes 286.3-010
  • shareholder: means an owner of the corporation's shares. See Kentucky Statutes 286.3-010
  • 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.
  • Stock: means the corporation's shares. See Kentucky Statutes 286.3-010
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Surplus: means the amount of consideration received by the corporation for all shares issued without par value that has not been allocated to capital stock or the amount of consideration received by the corporation in excess of par value for all shares with a par value, or both. See Kentucky Statutes 286.3-010
  • Sworn: includes "affirmed" in all cases in which an affirmation may be substituted for an oath. See Kentucky Statutes 446.010
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Treatment: when used in a criminal justice context, means targeted interventions
    that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust company: includes every corporation authorized by this subtitle to do a trust business. See Kentucky Statutes 286.3-010
  • Trust representative office: means an office at which a trust company has been authorized by the commissioner to engage in a trust business other than acting as a fiduciary. See Kentucky Statutes 286.3-010
  • Trustee: A person or institution holding and administering property in trust.
  • Undivided profits: means the composite of the bank's net retained earnings from current and prior years' operations. See Kentucky Statutes 286.3-010
  • Uphold: The decision of an appellate court not to reverse a lower court decision.
  • Usury rates: The maximum rate of interest lenders may charge borrowers. The usury rate is generally set by state law. Source: OCC
  • Venue: The geographical location in which a case is tried.
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
  • Victim advocate: work with prosecutors and assist the victims of a crime.
  • Violate: includes failure to comply with. See Kentucky Statutes 446.010
  • Year: means calendar year. See Kentucky Statutes 446.010