There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 3. Banks and Trust Companies
286.3.854 Closing of bank by commissioner -- Written statement of grounds -- Appointment of receiver.
Download pdf(a) Is insolvent;
(b) Has permitted capital to become impaired to a level which does not permit the bank to operate in a safe and sound manner; (c) Has had insurance of depositors' accounts terminated by the FDIC; or
(d) Has requested through its board of directors that the commissioner take possession for the benefit of depositors, other creditors and shareholders. (2) If the commissioner has taken possession of and closed a bank for purpose of liquidation, the commissioner shall forthwith issue a written finding of one (1) or
more of the grounds for closing provided in this section and shall appoint a receiver
for the bank. The commissioner shall immediately thereafter apply to the
receivership court for confirmation of the appointment of a receiver. The court shall
act upon the application forthwith and may proceed without notice to any person. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 648, effective July 15, 2010. -- Created 1984 Ky. Acts ch. 324, sec. 43, effective July 13, 1984. Formerly codified as KRS 287.854.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the
Kentucky Financial Services Code, KRS Chapter 286.
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