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2009 Kentucky Revised Statutes
CHAPTER 517 BUSINESS AND COMMERCIAL FRAUDS
517.100 Receiving deposits in failing financial institution.

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517.100 Receiving deposits in failing financial institution. (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 <br>institution, he knowingly receives or permits the receipt of a deposit or other <br>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 <br>reason. (3) Receiving deposits in a failing financial institution is a Class D felony. Effective: January 1, 1975 <br>History: Created 1974 Ky. Acts ch. 406, sec. 154, effective January 1, 1975.

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