Kentucky Statutes 395A.160 – Custodian compliance and authority
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(1) Not later than sixty (60) days after receipt of the information required under KRS
395A.070 to 395A.150, a custodian shall comply with a request under this chapter from a fiduciary or designated recipient to disclose digital assets or terminate an account. If the custodian fails to comply, the fiduciary or designated recipient may apply to the court for an order directing compliance.
(2) An order under subsection (1) of this section directing compliance shall contain a finding that compliance is not in violation of 18 U.S.C. § 2702, as amended.
(3) A custodian may notify the user that a request for disclosure or to terminate an account was made under this chapter.
(4) A custodian may deny a request under this chapter from a fiduciary or designated recipient for disclosure of digital assets or to terminate an account, if the custodian is aware of any lawful access to the account following the receipt of the fiduciary’s request.
(5) This chapter does not limit a custodian’s ability to obtain or require a fiduciary or designated recipient requesting disclosure or termination under this chapter to obtain a court order which:
(a) Specifies that an account belongs to the protected person or principal;
(b) Specifies that there is sufficient consent from the protected person or principal to support the requested disclosure; and
(c) Contains a finding required by law other than this chapter.
(6) A custodian and its officers, employees, and agents are immune from liability for an act or omission done in good faith in compliance with this chapter.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 63, sec. 15, effective July 15, 2020.
395A.070 to 395A.150, a custodian shall comply with a request under this chapter from a fiduciary or designated recipient to disclose digital assets or terminate an account. If the custodian fails to comply, the fiduciary or designated recipient may apply to the court for an order directing compliance.
Terms Used In Kentucky Statutes 395A.160
- Account: means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user. See Kentucky Statutes 395A.020
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means District Court. See Kentucky Statutes 395A.020
- Custodian: means a person that carries, maintains, processes, receives, or stores a digital asset of a user. See Kentucky Statutes 395A.020
- Designated recipient: means a person chosen by a user using an online tool to administer digital assets of the user. See Kentucky Statutes 395A.020
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means an original, additional, or successor personal representative, conservator, agent, or trustee. See Kentucky Statutes 395A.020
- Information: means data, text, images, videos, sounds, codes, computer programs, software, databases, or the like. See Kentucky Statutes 395A.020
- Principal: means an individual who grants authority to an agent in a power of attorney. See Kentucky Statutes 395A.020
- Protected person: means an individual for whom a conservator has been appointed. See Kentucky Statutes 395A.020
- User: means a person that has an account with a custodian. See Kentucky Statutes 395A.020
(2) An order under subsection (1) of this section directing compliance shall contain a finding that compliance is not in violation of 18 U.S.C. § 2702, as amended.
(3) A custodian may notify the user that a request for disclosure or to terminate an account was made under this chapter.
(4) A custodian may deny a request under this chapter from a fiduciary or designated recipient for disclosure of digital assets or to terminate an account, if the custodian is aware of any lawful access to the account following the receipt of the fiduciary’s request.
(5) This chapter does not limit a custodian’s ability to obtain or require a fiduciary or designated recipient requesting disclosure or termination under this chapter to obtain a court order which:
(a) Specifies that an account belongs to the protected person or principal;
(b) Specifies that there is sufficient consent from the protected person or principal to support the requested disclosure; and
(c) Contains a finding required by law other than this chapter.
(6) A custodian and its officers, employees, and agents are immune from liability for an act or omission done in good faith in compliance with this chapter.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 63, sec. 15, effective July 15, 2020.