286.3-103 Investment in property.
(1) It is hereby declared to be the policy of the Commonwealth of Kentucky that the
investment of funds, by a bank chartered under the laws of Kentucky or a national <br>banking association having its principal office in Kentucky, in real and personal <br>property as now or hereafter provided by this subtitle, be recognized as a normal, <br>proper, necessary, and integral part of the legitimate business of such state or <br>national banks.
(2) All property owned and held by a state or national bank under this section shall be
deemed to be property that is proper and necessary for carrying out its legitimate <br>business within the meaning of KRS Chapter 271B or 275, or any section of the <br>Kentucky Revised Statutes relating to escheat.
Effective: July 12, 2006 <br>History: Amended 2006 Ky. Acts ch. 183, sec. 8, effective July 12, 2006. -- Amended
1998 Ky. Acts ch. 196, sec. 10, effective July 15, 1998. -- Amended 1996 Ky. Acts <br>ch. 338, sec. 11, effective July 15, 1996. -- Amended 1988 Ky. Acts ch. 23, sec. 182, <br>effective January 1, 1989. -- Amended 1984 Ky. Acts ch. 324, sec. 12, effective July <br>13, 1984. -- Amended 1980 Ky. Acts ch. 188, sec. 242, effective July 15, 1980. -- <br>Created 1972 Ky. Acts ch. 187, sec. 1.
Formerly codified as KRS 287.103. <br>Legislative Research Commission Note (7/12/2006). This section was amended in
2006 Ky. Acts ch. 183. In that same session, 2006 Ky. Acts ch. 247, sec. 38 required <br>that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be <br>renumbered as sections of a single KRS chapter entitled the "Kentucky Financial <br>Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1), has <br>changed the number of this section and codified it as a section of KRS Chapter 286.
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