Any fiduciary of whom a bond, undertaking or other obligation is required may agree with his surety for the deposit and safekeeping of any moneys and assets for which he and his surety may be held responsible, with a bank, safe deposit or trust company, authorized by law to do business in this state as such, or with another depository in this state approved by the court, if the depository is otherwise proper. The agreement and the deposit shall be made so as to prevent the withdrawal of the deposit or any part thereof without the written consent of the surety, or an order of court, made on such notice to the surety as the court may direct. However, the agreement shall not in any manner release from or change the liability of the principal or surety as established by the terms of the bond.
Effective: January 2, 1978
will 560x170

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Terms Used In Kentucky Statutes 386.160

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Fiduciary: A trustee, executor, or administrator.
  • 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

History: Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 14, sec. 326, effective January
2, 1978. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. sec. 4671a.

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