KRS 286.6-385: Trust accounts.

(1) Shares, share certificates, deposits, and deposit certificates may be held in the name

of a member in trust for a beneficiary, or in the name of a nonmember in trust for a

beneficiary who is a member.

(2) Beneficiaries may be under eighteen (18) years of a ge; but no beneficiary, unless a

member in his own right, shall be permitted to vote, obtain loans, hold office or be

required to pay an entrance or membership fee.

(3) Payment of part or all of such a trust account to the party in whose name the

account is held shall, to the extent of such payment, discharge the liability of the

credit union to that party and to the beneficiary, and the credit union shall be under

no obligation to see to the application of such payment.