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286.3-193 Bank holidays.
(1)
(2)
(3)
(4)
The first day of January (New Year's Day), Easter Sunday, the last Monday in May
(Memorial Day), the fourth day of July (Independence Day), the first Monday in
September (Labor Day), the fourth Thursday in November (Thanksgiving Day), and
the twenty-fifth day of December (Christmas) of each year are holidays on which
banks shall close. If New Year's Day, Independence Day, or Christmas falls on a
Saturday or Sunday, either the preceding Friday or the succeeding Monday shall
also be observed as a holiday and the offices of banks closed.
Except as provided in subsection (1) of this section, a bank may, at its option, either
close or remain open for business on any day of the week provided the days of the
week and the hours which an office of the bank will remain open are conspicuously
posted in that office.
A bank, or an office thereof, may, because of an emergency or any other reason
deemed sufficient by the bank, close on any day or days which it would normally be
open for business by giving five (5) business days' notice of the closing to the public
by posting a statement to that effect in a conspicuous place in the office of the bank
which will be closed unless the giving of the notice is impractical because of the
existence of an emergency or other condition.
Any day on which a bank is closed pursuant to the provisions of this section shall
not be a banking day of the bank within the meaning of KRS Chapter 355 or any
other law, and no bank shall be required to permit access to its safe deposit vaults
on that day. When a contract by its terms requires the payment of money or the
performance of a condition by or at the bank on a day when the bank is closed, the
payment shall be made or condition performed on the next business day succeeding
the day when the bank was closed. The payment shall be deemed made and the
condition performed with the same force and effect as if made in accordance with
the terms of the contract, and no liability or loss of rights shall result from the delay.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 77, sec. 16, effective July 14, 1992.
Formerly codified as KRS 287.193.
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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