Kentucky Statutes 517.100 – Receiving deposits in failing financial institution
Current as of: 2024 | Check for updates
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(1) A person is guilty of receiving deposits in a failing financial institution when, as an officer, manager or other person participating in the direction of a financial institution, he knowingly receives or permits the receipt of a deposit or other investment, knowing that the institution is insolvent.
(2) A financial institution is insolvent within the meaning of this section when it is unable to pay its obligations in the ordinary or usual course of business for any reason.
For details, see § 532.060
(3) Receiving deposits in a failing financial institution is a Class D felony.
Effective: January 1, 1975
History: Created 1974 Ky. Acts ch. 406, sec. 154, effective January 1, 1975.
(2) A financial institution is insolvent within the meaning of this section when it is unable to pay its obligations in the ordinary or usual course of business for any reason.
Attorney's Note
Under the Kentucky Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class D felony | between 1 and 5 years | between $1,000 and $10,000 |
(3) Receiving deposits in a failing financial institution is a Class D felony.
Effective: January 1, 1975
History: Created 1974 Ky. Acts ch. 406, sec. 154, effective January 1, 1975.