Certificates, bonds, and notes, or part interests therein, or any part of an issue thereof, which are secured by a first mortgage on the real property in a development area, or any part thereof, shall be securities in which all the following persons, partnerships, or corporations and public bodies or public officers may legally invest the funds within their control, provided that the principal amount secured by such mortgage shall not exceed the limits, if any, imposed by law for such investments by the person, partnership, corporation, public body, or public officer making the same: Every executor, administrator, trustee, guardian, conservator, or other person or corporation holding trust funds or acting in a fiduciary capacity; the state, its subdivisions, cities, all other public bodies, all public officers; persons, partnerships, and corporations organized under or subject to the provisions of the banking law (including savings banks, savings and loan associations, trust companies, banking corporations); the commissioner of the Department of Financial Institutions as conservator, liquidator, or rehabilitator of any such person, partnership, or corporation; persons, partnerships, or corporations organized under or subject to the provisions of the insurance law; fraternal benefit societies; and the commissioner of the Department of Insurance as conservator, liquidator, or rehabilitator of any such person, partnership, or corporation.
Effective: July 15, 2010

Terms Used In Kentucky Statutes 99.270

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Trustee: A person or institution holding and administering property in trust.

History: Amended 2010 Ky. Acts ch. 24, sec. 85, effective July 15, 2010. — Amended Ky. Acts ch. 141, sec. 55, effective July 1, 1982. — Created 1942 Ky. Acts ch. 36, sec. 16.
Note: 1980 Ky. Acts ch. 396, sec. 60 would have amended this section effective July 1,
1982. However, 1980 Ky. Acts ch. 396 was repealed by 1982 Ky. Acts ch. 141, sec.
146, also effective July 1, 1982.

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