2013 Kentucky Revised Statutes
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367.968 Liability of officers, owners, directors and shareholders
companies subject to KRS 367.932 to 367.974 and 367.991.
Officers, owners, directors and shareholders of companies subject to the
provisions of KRS 367.932 to 367.974 and 367.991 who knew of failure to
comply with any of the trust provisions of KRS 367.932 to 367.974 and 367.991
and who fail to take prompt and reasonable actions to correct, including
notification to the Attorney General's office, shall be personally liable, jointly
and severally, for the deficiency existing in the trust funds and for any other
civil remedy allowed by law.
In addition to the liabilities declared, the person who brings suit and recovers
from an owner, officer, director, or shareholder of a company, shall also
recover his reasonable attorney's fees, the amount to be fixed and adjudged by
the court before whom the case is tried.
Effective:July 13, 1984
History: Created 1984 Ky. Acts ch. 116, sec. 21, effective July 13, 1984.
CHAPTER 367 - CONSUMER PROTECTION
367.968 Liability of officers, owners, directors and shareholders of companies subject to KRS 367.932 to 367.974 and 367.991.
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