{"data":{"id":"us-ky/krs-286.3-290","jurisdiction":"us-ky","citation":"KRS 286.3-290","heading":"Exceptions to maximum debt to banks.","body":"In the case of obligations to banks and trust companies, the limitations and restrictions of\nKRS 286.3-280 shall not apply to:\n(1) Obligations of the United States or of the State of Kentucky;\n(2) Obligations guaranteed as to principal and interest by the United States or the State\nof Kentucky; or all obligations to the extent secured or covered by guarantees or by\ncommitments or agreements to take over or to purchase the same made by any\nfederal reserve bank or by the United States or by any department, bu reau, board,\ncommission or establishment of the United States, including any corporation wholly\nowned directly or indirectly by the United States; or consolidated bonds issued by or\nfor federal land banks or consolidated debentures issued by or for federal\nintermediate credit banks under the Act of Congress known as the \"Federal Farm\nLoan Act,\" and amendments thereto; or consolidated debentures issued by or for\nbanks for cooperatives under the Act of Congress known as the \"Farm Credit Act of\n1933,\" and amen dments thereto; or obligations issued by the federal home loan\nbanks; or obligations which are insured by the federal housing administrator\npursuant to Title 12, Section 12, Section 1713, United States Code, if the\ndebentures to be issued in payment of suc h insured obligations are guaranteed as to\nthe principal and interest by the United States; or obligations of national mortgage\nassociations; except that the commissioner may make, alter and repeal regulations\nrespecting the total liabilities of any person which:\n(a) Are secured by direct obligations of the United States or the State of\nKentucky, and\n(b) Have a face value at least equal to the amount of such liabilities, and\n(c) Will mature within five (5) years from the date such liabilities were incurred;\n(3) Obligations of Kentucky counties and school districts incurred through borrowing\nin anticipation of the current year's tax receipts as authorized by KRS 68.320 and\n160.540; and\n(4) Loans secured by a segregated deposit account in the lending bank if t he lending\nbank has a perfected security interest in the segregated deposit account and if the\nsecurity interest is clearly documented in the bank's books and records.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14573","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:10Z","sha256":"b7af7072769a6bb803a26e354f83335e53853a745e77abfa40f94380d5b47f1c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-280","next":"us-ky/krs-286.3-300"},"notice":"GroundRules: Original legal text. Not legal advice."}