Upon the filing with an association by the holder of record as shown by the books of the association, or by his legal representative, of an affidavit to the effect that the account book or certificate evidencing his savings account with the association has been lost or destroyed, and that such account book or certificate has not been pledged or assigned in whole or in part, such association shall issue a new account book or certificate in the name of the holder of record, such evidence stating that it is issued in lieu of the one lost or destroyed, and the association shall in no way be liable thereafter on account of the original account book or certificate, provided that the board of directors shall, if in its judgment it is necessary, require a bond in an amount it deems sufficient to indemnify the association against any loss which might result from the issuance of such new account book or certificate.
Effective: June 18, 1964

Terms Used In Kentucky Statutes 286.5-311

  • 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.
  • 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
  • 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.
  • 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. 17 (8), effective June 18, 1964.
Formerly codified as KRS § 289.311.
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.