{"data":{"id":"us-ky/krs-286.3-854","jurisdiction":"us-ky","citation":"KRS 286.3-854","heading":"Closing of bank by commissioner -- Written statement of grounds --","body":"Appointment of receiver.\n(1) The commissioner may take possession and close a bank for purposes of liquidation\nin any case in which the commissioner finds that the bank:\n(a) Is insolvent;\n(b) Has permitted capital to become impaired to a level which does not permit the\nbank to operate in a safe and sound manner;\n(c) Has had insurance of depositors' accounts terminated by the FDIC; or\n(d) Has requested through its board of directors th at the commissioner take\npossession for the benefit of depositors, other creditors and shareholders.\n(2) If the commissioner has taken possession of and closed a bank for purpose of\nliquidation, the commissioner shall forthwith issue a written finding of o ne (1) or\nmore of the grounds for closing provided in this section and shall appoint a receiver\nfor the bank. The commissioner shall immediately thereafter apply to the\nreceivership court for confirmation of the appointment of a receiver. The court shall\nact upon the application forthwith and may proceed without notice to any person.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14608","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:11Z","sha256":"415c72bd21338c923c7d03ab4adea488e5c64fd7807d7b560c1f1c8636cebce2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-852","next":"us-ky/krs-286.3-856"},"notice":"GroundRules: Original legal text. Not legal advice."}