2016 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 3 - Banks and Trust Companies 286.3-105 Bank may acquire and hold personal property at request of customer -- Property deemed collateral.
Download as PDF
286.3-105 Bank may acquire and hold personal property at request of customer -Property deemed collateral.
Subject to such limitations and conditions as the commissioner may from time to time
prescribe by general regulations, any bank or trust company organized under the laws of
this state may purchase, hold, and become the owner and lessor of personal property and
may incur such additional obligations as may be incident to becoming an owner and
lessor of such personal property, provided, however, that the net unrecovered investment
of such bank or trust company in such personal property shall, for the purposes of KRS
286.3-280 only, be deemed to be an indebtedness of the lessee thereof, and such personal
property shall be considered to be collateral securing such indebtedness.
Effective: July 15, 1998
Formerly codified as KRS 287.105.
History: Amended 1998 Ky. Acts ch. 196, sec. 11, effective July 15, 1998. -- Amended
1986 Ky. Acts ch. 85, sec. 1, effective July 15, 1986. -- Amended 1984 Ky. Acts ch.
324, sec. 13, effective July 13, 1984. -- Created 1968 Ky. Acts ch. 213, sec. 1.
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, and KRS references within
this statute have been adjusted to conform with the 2006 renumbering of that code.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
