There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.401 Accounts of fiduciaries -- Voting powers -- Payments to beneficiaries.
Download pdfother fiduciary for a named beneficiary or beneficiaries. Any such fiduciary shall
have power to vote as a member as if the membership were held absolutely, to open
and to make additions to and to withdraw any such account in whole or in part. (2) The withdrawal value of any such account, and dividends thereon, or other rights relating thereto may be paid or delivered, in whole or in part, to such fiduciary
without regard to any notice to the contrary as long as such fiduciary is living. The
payment or delivery to any such fiduciary or a receipt or acquittance signed by any
such fiduciary to whom any such payment or any such delivery of rights is made
shall be a valid and sufficient release and discharge of an institution for the payment
or delivery so made. (3) Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship shall have been
given to an institution and the institution has no written notice of any other
disposition of the beneficial estate, the withdrawal value of such account, and
dividends thereon, or other rights relating thereto may, at the option of an
institution, be paid or delivered, in whole or in part, to the beneficiary or
beneficiaries. (4) Whenever an account shall be opened by any person, describing himself in opening such account as trustee for another and no other or further notice of the existence
and terms of a legal and valid trust than such description shall have been given in
writing to such association, in the event of the death of the person so described as
trustee, the withdrawal value of such account or any part thereof, together with the
dividends thereon, may be paid to the person for whom the account was thus stated
to have been opened, and such account and all additions thereto shall be the
property of such person. The payment or delivery to any such beneficiary,
beneficiaries or designated person, or a receipt or acquittance signed by any such
beneficiary, beneficiaries or designated person for any such payment or delivery
shall be a valid and sufficient release and discharge of an institution for the payment
or delivery so made. Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 63 (6), effective June 18, 1964.
Formerly codified as KRS 289.401.
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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