{"data":{"id":"us-ky/krs-286.3-146","jurisdiction":"us-ky","citation":"KRS 286.3-146","heading":"Out -of-state trust company doing business in Kentucky -- Scope of","body":"activities -- Fiduciary-related activities limited by reciprocity -- Evidence and\nnotice to be provided to commissioner.\n(1) An out -of-state trust company may do any or all o f the following, to the extent\npermitted under this section:\n(a) Conduct trust business in this state, including but not limited to acting as a\ntrustee, personal representative, executor, administrator of any kind, guardian,\nconservator, or in any other li ke or similar fiduciary capacity, whether the\nappointment is by law, will, deed, trust, mortgage, court order, or otherwise,\nto the extent the activities are authorized for a trust company organized under\nthe laws of this state; or\n(b) Establish, or acquire and maintain, a trust office or a trust representative office\nin this state.\n(2) (a) An out-of-state trust company shall not conduct an activity authorized under\nsubsection (1) of this section unless:\n1. A trust company organized under the laws of this s tate is permitted\nunder the laws of the out -of-state trust company's home state to conduct\na substantially similar activity in that state; and\n2. The trust company has filed with the commissioner, in a form and\nformat prescribed by the commissioner in an a dministrative regulation\npromulgated in accordance with KRS Chapter 13A:\na. If the trust company has an agent for service of process in this\nstate:\ni. The name, physical address, telephone number, and\nelectronic mail address of the trust company's agent in this\nstate for service of process; and\nii. A certification that the trust company will, at least five (5)\ndays prior to any change in the information provided under\nsubpart i. of this subdivision, notify the commissioner of the\nchange and update the information;\nb. If the trust company does not have an agent for service of process\nin this state, an irrevocable consent appointing the Secretary of\nState a s the trust company's attorney to receive lawful process\nissued against the trust company in this state; and\nc. The confirmation required under subsection (6) of this section.\n(b) If any out -of-state trust company engages in conduct in this state without\nmaking the service of process filing required under paragraph (a)2. of this\nsubsection, the trust company shall be subject to service of process as\nprovided in KRS 454.210.\n(c) Notwithstanding this section, a court of this state may exercise jurisdiction\nover an out -of-state trust company on any other basis authorized in the\nKentucky Revised Statutes or by the Rules of Civil Procedure.\n(3) An out-of-state trust company:\n(a) May, at its trust office or offices in Kentucky, act as a fiduciary in Kentucky\nand engage in other trust business, to the extent the activities are authorized\nfor a trust company organized under the laws of this state; and\n(b) Shall not, at its trust representative office or offices in Kentucky, act as a\nfiduciary, but it may engage in ot her trust business at the office or offices,\nincluding but not limited to marketing, soliciting, and operations, to the extent\nthe activities are authorized for a trust company organized under the laws of\nthis state.\n(4) (a) An out-of-state trust company d esiring to establish, or acquire and maintain,\nan office or offices in this state shall:\n1. File a written application on a form prescribed by the commissioner,\nwhich shall include:\na. The name of the out-of-state trust company;\nb. The location of the proposed office or offices; and\nc. The designation of the additional office or offices as trust offices\nor trust representative offices;\n2. Furnish the commissioner with:\na. A copy of the resolution adopted by the board of directors of the\nout-of-state trust company authorizing the office or offices; and\nb. A notice from the out-of-state trust company's home state regulator\nthat the proposed transaction is authorized by that regulator; 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 sixty -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 peri od under subparagraph 3. of this\nparagraph.\n2. With respect to an out -of-state trust company that is not a depository\ninstitution, the commissioner may condition approval of any application\nupon:\na. Satisfaction by the out -of-state trust company of any req uirement\napplicable to a trust company organized under the laws of this\nstate; and\nb. The out-of-state trust company furnishing the commissioner with\nsatisfactory evidence that the conditions required for approval\nhave been satisfied.\n3. The commissioner may extend the sixty (60) day review period provided\nunder this paragraph if he or she determines that additional information\nor time for analysis is required.\n4. If the review period is extended, the out -of-state trust company shall not\nbe authorized to commence business at the proposed office or offices\nuntil the trust company receives written approval of the commissioner.\n(c) The commissioner may deny an out -of-state trust company's application for\nan office or offices in this state if the commissioner finds that:\n1. The out -of-state trust company lacks sufficient financial resources to\nundertake the proposed expansion without adversely affecting its safety\nor soundness;\n2. The proposed office or offices are contrary to the public interest; or\n3. The proposed expansion is not authorized under applicable law.\n(5) (a) An out-of-state trust c ompany establishing or acquiring an office in this state\nshall:\n1. Provide evidence to the commissioner of compliance with the\nrequirements:\na. Of the trust company's home state regulator and home state law for\nestablishing, or acquiring and maintaining, the office; and\nb. For foreign corporations under KRS Chapter 271B; and\n2. Provide evidence to the commissioner that all fiduciary obligations and\nliabilities of any trust company being acquired have been properly\ndischarged or assumed.\n(b) An acquiring tru st company shall succeed by operation of law to all of the\nrights, privileges, and obligations of the selling trust company.\n(c) Fulfillment of the requirements of this subsection shall not result in the\nestablishment or acquisition of an out -of-state trus t company office in this\nstate until the commissioner has approved an application made for the office\nin accordance with subsection (4) of this section.\n(6) An out-of-state trust company that conducts trust business, establishes an office, or\nacquires and maintains an office in this state shall confirm to the commissioner,\nprior to commencing business in this state and at least annually thereafter, that for\nso long as it conducts trust business, or maintains a trust office or trust\nrepresentative office, in  this state, it will comply with all applicable laws of this\nstate.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55153","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"ed0e0811b99393de499e65ac587342e17d6e76e2fb2a3f1b8f5da3fc7f4c95f7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-145","next":"us-ky/krs-286.3-150"},"notice":"GroundRules: Original legal text. Not legal advice."}