Kentucky Statutes 286.5-291 – Savings accounts, how held — Transfers
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Savings accounts and savings certificates may be opened and held solely and absolutely in his own right by, or in trust or other fiduciary capacity for, any person, including a governmental unit. Savings accounts shall be represented only by the account of each savings account holder on the books of the association, and shall be transferable only on the books of the association and upon proper application by the transferee and upon acceptance of the transferee as a member upon terms approved by the board of directors. The association may treat the holder of record of a savings account as the owner thereof for all purposes without being affected by any notice to the contrary unless the association has acknowledged in writing notice of a pledge of such savings account.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 16, effective June 18, 1964.
Formerly codified as KRS § 289.291.
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.
Effective: June 18, 1964
Terms Used In Kentucky Statutes 286.5-291
- 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
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Fiduciary: A trustee, executor, or administrator.
- Member: means a person holding a savings account or a savings certificate of an
association, or a person borrowing from or assuming or obligated upon a loan or interest therein held by an association, or purchasing property securing a loan or interest therein held by an association. See Kentucky Statutes 286.5-011 - Owner: when applied to any animal, means any person having a property interest in such animal. 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
- Savings account: means that part of the savings liability of the association which is
credited to the account of the holders thereof. See Kentucky Statutes 286.5-011 - Statute: A law passed by a legislature.
History: Created 1964 Ky. Acts ch. 138, sec. 16, effective June 18, 1964.
Formerly codified as KRS § 289.291.
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.