{"data":{"id":"us-ky/krs-286.3-275","jurisdiction":"us-ky","citation":"KRS 286.3-275","heading":"Limits on liability of bank or trust company acting as fiduciary.","body":"(1) When an instrument, under which a bank empowered to act as a fiduciary or trust\ncompany acts, reserves in the grantor, or vests in an advisory or investment\ncommittee or in one (1) or more other persons, any power, including, but not\nlimited to, the author ity to direct the acquisition, disposition, or retention of any\ninvestment or the power to authorize any act that the bank or trust company may\npropose, the fiduciary is not liable, either individually or as a fiduciary, for either of\nthe following:\n(a) Any loss that results from compliance with an authorized direction of the\ngrantor, committee, person, or persons; or\n(b) Any loss that results from a failure to take any action proposed by the bank or\ntrust company that requires the prior authorization of th e grantor, committee,\nperson, or persons if the bank or trust company timely sought but failed to\nobtain that authorization.\n(2) The bank or trust company referred to in subsection (1) of this section is relieved\nfrom any obligation to perform investment r eviews and make recommendations\nwith respect to any investments to the extent the grantor, an advisory or investment\ncommittee, or one (1) or more other persons have authority to direct the acquisition,\ndisposition, or retention of any investment.\n(3) This section shall not apply to the extent that the instrument, under which the bank\nor trust company referred to in subsection (1) of this section acts, contains\nprovisions that are inconsistent with this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14570","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"8db8a28711aaab2e2a67342894cea3f992a19bfad6cf520c45d668c5e714298b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-272","next":"us-ky/krs-286.3-277"},"notice":"GroundRules: Original legal text. Not legal advice."}