Kentucky Statutes 286.5-421 – Recognition of attorney-in-fact
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Any association or federal savings and loan association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from the savings account of a member until it receives written notice of the revocation of his authority. For the purposes of this subsection, written notice of the death or adjudication of incompetency of such member shall constitute written notice of revocation of the authority of his attorney. No such institution shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 63 (7), effective June 18, 1964.
Formerly codified as KRS § 289.421.
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 286.5-421
- 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
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- 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 - 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. 63 (7), effective June 18, 1964.
Formerly codified as KRS § 289.421.
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.