Kentucky Statutes 286.5-435 – Association as trustee — Compensation — Records
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An association may act as trustee, and may receive a reasonable compensation for so acting, of any trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan which qualifies or qualified for specific tax treatment under Section 401(d) of the Internal Revenue Code of 1954, and to act as trustee or custodian of an individual retirement account within the meaning of Section
408 of such code, if the funds of such trust or account are invested only in savings accounts or deposits in such association or in obligations or securities issued by such association. All funds held in such fiduciary capacity by any such association may be commingled for appropriate purposes of investment, but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under the authority of this section.
Effective: June 19, 1976
History: Created 1976 Ky. Acts ch. 301, sec. 1, effective June 19, 1976.
Formerly codified as KRS § 289.435.
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.
408 of such code, if the funds of such trust or account are invested only in savings accounts or deposits in such association or in obligations or securities issued by such association. All funds held in such fiduciary capacity by any such association may be commingled for appropriate purposes of investment, but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under the authority of this section.
Terms Used In Kentucky Statutes 286.5-435
- 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
- Fiduciary: A trustee, executor, or administrator.
- Statute: A law passed by a legislature.
- Treatment: when used in a criminal justice context, means targeted interventions
that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010 - Trustee: A person or institution holding and administering property in trust.
Effective: June 19, 1976
History: Created 1976 Ky. Acts ch. 301, sec. 1, effective June 19, 1976.
Formerly codified as KRS § 289.435.
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.