Kentucky Statutes 286.3-270 – Fiduciary may act in own name — Records — Investments not subject to debts of fiduciary
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(1) In making real estate mortgage loans for the purpose of investing trust funds, a trust company or bank empowered to act as a fiduciary may make such mortgage loans in its individual name, and in connection with such loans may prosecute all suits and foreclosure actions, and may buy in, manage, lease, repair, and sell foreclosed property in its individual name, without reference to any trust or beneficial ownership.
(2) Such trust company or bank shall at all times keep definite records showing fully and accurately all beneficial ownership in such loans, suits, or property, which records shall at all times be subject to the inspection and examination of either state or federal banking authorities.
(3) Such mortgage loans and foreclosed property shall not be subject to the individual debts of the trust company or bank but shall belong to the beneficial owners thereof as shown by the records free from any claims against the trust company or bank.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 4706.
Formerly codified as KRS § 287.270.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
(2) Such trust company or bank shall at all times keep definite records showing fully and accurately all beneficial ownership in such loans, suits, or property, which records shall at all times be subject to the inspection and examination of either state or federal banking authorities.
Terms Used In Kentucky Statutes 286.3-270
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fiduciary: A trustee, executor, or administrator.
- 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
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
- 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.
- Trust company: includes every corporation authorized by this subtitle to do a trust business. See Kentucky Statutes 286.3-010
(3) Such mortgage loans and foreclosed property shall not be subject to the individual debts of the trust company or bank but shall belong to the beneficial owners thereof as shown by the records free from any claims against the trust company or bank.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 4706.
Formerly codified as KRS § 287.270.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.