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292.430 Consent to service of process.
(1)
(2)
(3)
Every applicant for registration as a broker-dealer, agent, investment adviser, or
investment adviser representative under this chapter and every issuer which
proposes to offer a security in this state through any person acting on an agency
basis in the common law sense shall file with the commissioner, in such form as the
commissioner by rule prescribes, an irrevocable consent appointing the
commissioner or the commissioner's successor in office to be the applicant's
attorney to receive service of any lawful process in any noncriminal suit, action, or
proceeding against the applicant or the applicant's successor, executor, or
administrator which arises under this chapter or any rule or order hereunder after the
consent has been filed, with the same force and validity as if served personally on
the person filing the consent. A person who has filed such a consent in connection
with a previous registration need not file another. Service may be made by leaving a
copy of the process in the office of the commissioner, but it is not effective unless:
(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding
instituted by the commissioner, forthwith sends notice of the service and a
copy of the process by certified mail, return receipt requested, or by registered
mail to the defendant or respondent at his or her last address on file with the
commissioner; and
(b) The plaintiff's affidavit of compliance with this subsection is filed in the case
on or before the return day of the process, if any, or within such further time
as the court allows.
Every issuer of a covered security and every covered adviser who makes a notice
filing with Kentucky under this chapter shall file with the commissioner, in the form
as prescribed by administrative regulation, an irrevocable consent appointing the
commissioner or the commissioner's successor in office to be his or her attorney to
receive service of any lawful process in any noncriminal suit, action, or proceeding
against him or her or his or her successor, executor, or administrator that arises
under this chapter or under any rule or order under this chapter after the consent has
been filed, with the same force and validity as if served personally on the person
filing the consent. A person who has filed a consent in connection with a previous
notice filing need not file another. Service may be made by leaving a copy of the
process in the office of the commissioner, but it is not effective unless:
(a) The plaintiff, who may be the commissioner in a suit, action, or proceeding
instituted by the commissioner, sends notice of the service and a copy of the
process by certified mail, return receipt requested, or by registered mail to the
defendant or respondent at his or her last address on file with the
commissioner; and
(b) The plaintiff's affidavit of compliance with this subsection is filed in the case
on or before the return day of the process, if any, or within the time as the
court allows.
When any person, including any nonresident of this state, engages in conduct
prohibited or made actionable by this chapter or any rule or order hereunder, and the
person has not filed a consent to service of process under subsection (1) or (2) of
this section and personal jurisdiction over him or her cannot otherwise be obtained
in this state, that conduct shall be considered equivalent to his or her appointment of
the commissioner or the commissioner's successor in office to be the person's
attorney to receive service of any lawful process in any noncriminal suit, action, or
proceeding against the person or the person's successor executor or administrator
which grows out of that conduct and which is brought under this chapter or any rule
or order hereunder, with the same force and validity as if served on the person
personally. Service may be made by leaving a copy of the process in the office of
the commissioner, and it is not effective unless:
(a) The plaintiff, who may be the commissioner, in a suit, action, or proceeding
instituted by the commissioner, forthwith sends notice of the service and a
copy of the process by certified mail, return receipt requested, or by registered
mail to the defendant or respondent at his or her last known address or takes
other steps which are reasonably calculated to give actual notice; and
(b) The plaintiff's affidavit of compliance with this subsection is filed in the case
on or before the return day of the process, if any, or within such further time
as the court allows.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 872, effective July 15, 2010. -- Amended
1998 Ky. Acts ch. 20, sec. 16, effective July 15, 1998. -- Amended 1994 Ky. Acts
ch. 165, sec. 15, effective July 15, 1994. -- Amended 1974 Ky. Acts ch. 315, sec. 49.
-- Amended 1972 Ky. Acts ch. 265, sec. 13. -- Created 1960 Ky. Acts ch. 110,
sec. 12, effective January 1, 1961.
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