KRS 286.3-880: Receiver to appoint successor to bank's rights, assets, obligations.

(1) The receiver, with the approval of the receivership court, has the authority to

appoint a successor to all rights, obligations, assets, deposits, agreements and trusts

held by the closed bank as trustee, administrator, executor, guardian, agent and all

other fiduciary or representative capacities. The successor's duties and obligations

commence upon appointment to the same extent binding upon the former bank and

as though the successor had originally assumed such duties and obligations.

Specifically, the successor shall succeed to and be entitled to administer all

trusteeships, administrations, executorships, guardianships, agencies and all other

fiduciary or representative proceedings to which the closed bank is named or

appointed in wills, whenever proba ted, or to which it is appointed by any other

instrument, court order or by operation of law.

(2) Nothing in this section shall be construed to impair any right of the grantor or

beneficiaries of trust assets to secure the appointment of a substituted tru stee or

manager.

(3) Within thirty (30) days after appointment, the successor shall give written notice,

insofar as practicable, to all interested parties named in the books and records of the

bank or in trust documents held by it that such successor has been appointed in

accordance with state law.