The insurance provided by the insurance corporation shall be payable solely from the trust account established by the insurance corporation under the terms of KRS § 154.20-530, and shall not constitute a debt or pledge of the faith and credit of the Commonwealth or any of its agencies, or of the authority.
Effective: July 1, 1978

Terms Used In Kentucky Statutes 154.20-550

  • Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
  • Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
  • 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: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

History: Created 1978 Ky. Acts ch. 96, sec. 17, effective July 1, 1978.
Formerly codified as KRS § 154.565

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