{"data":{"id":"us-ky/krs-286.3-212","jurisdiction":"us-ky","citation":"KRS 286.3-212","heading":"Deposit of securities with district federal reserve bank by bank acting as","body":"fiduciary or custodian for fiduciary -- Accounting and crediting of deposits.\n(1) Notwithstanding any other provision of law, any bank, when acting as a fiduciary or\nwhen hol ding securities as custodian for a fiduciary, is authorized to deposit, or\narrange for the deposit, with the federal reserve bank in its district of any securities,\nthe principal and interest of which the United States or any department, agency or\ninstrumentality thereof has agreed to pay, or has guaranteed payment, to be credited\nto one (1) or more accounts on the books of said federal reserve bank in the name of\nsuch bank, to be designated fiduciary for safekeeping accounts, to which account\nother similar  securities may be credited. A bank so depositing securities with a\nfederal reserve bank shall be subject to such rules and regulations with respect to\nthe making and maintenance of such deposit as, in the case of a bank organized\nunder the laws of this st ate, the commissioner, and, in the case of the national\nbanking associations, the comptroller of the currency, may from time to time issue.\nThe records of such bank shall at all times show the ownership of the securities held\nin such account. Ownership of, and other interests in, the securities credited to such\naccount may be transferred by entries on the books of said federal reserve bank\nwithout physical delivery of any securities. A bank acting as custodian for a\nfiduciary shall, on demand by the fiducia ry, certify in writing to the fiduciary the\nsecurities so deposited by such bank with such federal reserve bank for the account\nof such fiduciary. A fiduciary shall, on demand by any party, to its accounting or on\ndemand by the attorney for such party, cer tify in writing to such party the securities\ndeposited by such fiduciary with such federal reserve bank for its account as such\nfiduciary.\n(2) This section shall apply to any fiduciary, and any custodian for fiduciaries, acting on\nJune 21, 1974, or who the reafter may act regardless of the date of the agreement,\ninstrument or court order by which it is appointed.\n(3) As used in this section, \"fiduciary\" includes an executor, administrator, trustee\nunder any trust, express, implied, resulting or constructive,  guardian, conservator,\nreceiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent,\nofficer of a corporation, public or private, public officer or any other person acting\nin a fiduciary capacity for any person, trust or estate.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14556","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"51171b5546e4ebf79bcb0edbdea2b5544cae8d5d465fad1bd48357afaa06554f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-210","next":"us-ky/krs-286.3-214"},"notice":"GroundRules: Original legal text. Not legal advice."}