{"data":{"id":"us-ky/krs-286.3-230","jurisdiction":"us-ky","citation":"KRS 286.3-230","heading":"Common trust funds -- Consent of cofiduciary.","body":"(1) Any trust company or bank empowered to act as a fiduciary under the laws of this\nstate and subject to examination by state or federal banking authorities may\nestablish and maintain one (1) or more common trust funds for the collective\ninvestment of funds held in any fiduciary capacity by such trust company or bank or\nby an affiliate of the trust company or bank including, without limitation, funds held\nas agent where the trust company, bank, or affiliate exercises investment discretion\nand assumes fiduciary responsibilities.\n(2) Before establishing a common trust fund as provided in subsection (1) of this\nsection, the trust company or bank shall file with the commissioner a statement of\nthe plan under which it proposes to establish, maintain, operate, and ul timately\nliquidate the trust fund, and shall secure the written approval of the plan by the\ncommissioner.\n(3) After such a trust fund has been established, it may be modified or amended by\nfiling with the commissioner a statement setting forth the proposed  modification or\namendment, and securing the written approval of the change by the commissioner.\n(4) The bank, trust company, or affiliate shall at all times maintain definite records\nshowing all securities and properties held in such fund.\n(5) The trust c ompany, bank, or affiliate may invest funds held by it in any fiduciary\ncapacity in one (1) or more common trust funds established as provided in\nsubsection (1) of this section, or one (1) or more common trust funds wherever\nlocated established, owned, or controlled by an affiliate of the trust company, bank,\nor affiliate so long as:\n(a) The investment is not specifically prohibited by the instrument, judgment\ndecree, or order creating the fiduciary relationship; and\n(b) In the case of cofiduciaries, the tr ust company, bank, or affiliated bank\nprocures the written consent of its cofiduciary or cofiduciaries to the\ninvestment, which consent the cofiduciary or cofiduciaries are hereby\nauthorized to grant.\n(6) As used in subsection (1) of this section, \"affilia te of the trust company or bank\"\nmeans any trust company, bank, or other entity that controls, is controlled by, or is\nunder common control with the trust company, bank, or other entity.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14563","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"415a1501a9db2ebed1467e078e3e26c6d25883a48146352b109ba272ddac073e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-225","next":"us-ky/krs-286.3-235"},"notice":"GroundRules: Original legal text. Not legal advice."}