Kentucky Statutes 286.5-101 – Right to manage property to avoid loss
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Nothing in this subtitle or the statute law of the state shall be construed as denying to an association the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be necessary to avoid loss on a loan or investment theretofore made or an obligation created in good faith.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 63 (9), effective June 18, 1964.
Formerly codified as KRS § 289.101.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
Effective: June 18, 1964
Terms Used In Kentucky Statutes 286.5-101
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
- 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.
- 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.
History: Created 1964 Ky. Acts ch. 138, sec. 63 (9), effective June 18, 1964.
Formerly codified as KRS § 289.101.
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, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.