KRS 286.3-850: Definitions for KRS 286.3-852 to 286.3-884.

As used in KRS 286.3-852 to 286.3-884:

(1) "Bank" means any state bank;

(2) "FDIC" means the Federal Deposit Insurance Corporation and includes any

successor to the corporation or other agency or instrumentality of the United States

which undertakes to discharge the purposes of the corporation;

(3) "Receivership court" means the Circuit Court for the county in which the bank is

located, except if no circuit judge in the Circuit Court of the county in which the

bank is located is able or available to preside over the receivership at the time an

application is made under KRS 286.3 -854 due to a conflict of interest or another

reason, the circuit clerk of the county in which the bank is located shall at once

transfer the matter to the Franklin Circuit Court for immediate action upon the

application; and

(4) "Insolvent" means that appearing upon examination of any bank its liabilities

exceed its assets or it cannot meet its obligations in the usual and ordinary course of

business for any reason.