{"data":{"id":"us-ky/krs-286.3-145","jurisdiction":"us-ky","citation":"KRS 286.3-145","heading":"Trust company -- Scope of activities -- Acquisition of office within or","body":"outside of this state by trust company -- Rights, privileges, obligations, and\nliabilities of selling trust company.\n(1) A trust company:\n(a) May, at its trust office o r offices in Kentucky or any other state or foreign\ncountry, act as a fiduciary and engage in other trust business as permitted by\nKentucky law or the applicable law of the state or foreign country; and\n(b) Shall not, at its trust representative office or offices in Kentucky or any other\nstate or foreign country, act as a fiduciary, but it may engage in other trust\nbusiness at the office or offices as permitted by Kentucky law or the\napplicable law of the state or foreign country, including but not limited to\nmarketing, soliciting, and operations.\n(2) A trust company may conduct trust business in a state other than Kentucky or a\nforeign country, to the extent the activities are:\n(a) Permissible for an out-of-state or a foreign trust company organized under t he\nlaws of the host state or foreign country; and\n(b) Not expressly prohibited by the laws of this state.\n(3) (a) A trust company shall have and continuously maintain a principal office in\nthis state.\n(b) A trust company may establish, or acquire and maint ain, additional trust\noffices or trust representative offices in this state, a state other than Kentucky,\nor a foreign country.\n(4) (a) A trust company desiring to establish, or acquire and maintain, an office or\noffices, in addition to its principal office, shall:\n1. File a written application on a form prescribed by the commissioner,\nwhich shall include:\na. The name of the trust company;\nb. The location of the proposed office or offices;\nc. The designation of the additional office or offices as trust offices\nor trust representative offices; and\nd. For any office or offices proposed to be located in a jurisdiction\nother than this state, an affirmation that the laws of the jurisdiction\npermit the office or offices proposed by the trust company;\n2. Furnish the commissioner with a copy of the resolution adopted by the\nboard of directors authorizing the additional office or offices; and\n3. Pay the filing fee, if any, prescribed by the commissioner.\n(b) 1. An application made under paragraph (a) of this subsection shall be\ndeemed approved on the thirty -first day after the date the commissioner\nreceives the application, unless the commissioner:\na. Specifies an earlier or later date; or\nb. Extends the review period under subparagraph 2. of this\nparagraph.\n2. The commissioner may extend the thirty (30) day review period\nprovided under this paragraph if he or she determines that additional\ninformation or time for analysis is required.\n3. If the review period is extended, the trust company shall not be\nauthorized to commence business at the proposed office or offices until\nthe trust company receives written approval from the commissioner.\n(c) The commissioner may deny an application for an additional office or offices\nif the commissioner finds that:\n1. The trust company lacks sufficient financial resources to undertake the\nproposed expansion without adversely affecting its safety or soundness;\n2. The proposed office or offices would be contrary to the public interest;\nor\n3. The proposed expansion is not authorized by applicable law.\n(5) (a) A trust company acquiring an office in this state, any other state, or a foreign\ncountry shall provide evidence to t he commissioner that all fiduciary\nobligations and liabilities of the trust company being acquired have been\nproperly discharged or assumed.\n(b) An acquiring trust company shall succeed by operation of law to all of the\nrights, privileges, and obligations of the selling trust company.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55152","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"cd1f74ab9624a858ba1b2d1809c5e83a2745c5b1674b23a10193655c431b2875","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-140","next":"us-ky/krs-286.3-146"},"notice":"GroundRules: Original legal text. Not legal advice."}