{"data":{"id":"us-ky/krs-286.3-140","jurisdiction":"us-ky","citation":"KRS 286.3-140","heading":"Amendment of articles and reorganization to engage in a trust business -","body":"- Consolidation -- Transfer of fiduciary account to affiliate.\n(1) Except as provided in subsection (2) of this section, a bank may amend its articles\nof incorporation or reorganize to permit it to engage in a trust business.\n(2) A bank that acts as a fiduciary under the authority of a permit obtained prior to May\n31, 1938, under 1920 Ky. Acts ch. 128, may continue to act as a fiduciary under\nthat Act.\n(3) (a) Any bank and trust company may consolidate into a resulting combined bank\nand trust company.\n(b) The consolidated corporation shall issue stock for an equivalent amount in\nvalue of the stock of the constituent corporations.\n(4) (a) Upon written approval of the commi ssioner, a bank or trust company may\ntransfer one (1) or more fiduciary accounts under its administration to an\naffiliate of the trust company or bank, as defined in KRS 286.3 -230(6),\nlocated in this state, if the transferring bank or trust company:\n1. Not later than thirty (30) days prior to the date of transfer, sends the\nfollowing, in writing, to the person or entity that was the recipient of the\nlast account status report:\na. Notice of the transfer; and\nb. Notice that the person has a right to object to the transfer in the\nprobate division of District Court; and\n2. Within ten (10) days after the date of transfer, files an affidavit\nrecording the transfer in the District Court, probate division, of the\ncounty in which its principal office is located.\n(b) The notice required under paragraph (a)1. of this subsection shall be deemed\neffective when mailed by the bank or trust company.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55151","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"b22ba6c17fa3e41d2ba2928da358eb8c2164e5b51919feb8c0b109c775b13df7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-135","next":"us-ky/krs-286.3-145"},"notice":"GroundRules: Original legal text. Not legal advice."}