{"data":{"id":"us-ky/krs-286.3-880","jurisdiction":"us-ky","citation":"KRS 286.3-880","heading":"Receiver to appoint successor to bank's rights, assets, obligations.","body":"(1) The receiver, with the approval of the receivership court, has the authority to\nappoint a successor to all rights, obligations, assets, deposits, agreements and trusts\nheld by the closed bank as trustee, administrator, executor, guardian, agent and all\nother fiduciary or representative capacities.  The successor's duties and obligations\ncommence upon appointment to the same extent binding upon the former bank and\nas though the successor had originally assumed such duties and obligations.\nSpecifically, the successor shall succeed to and be entitled to administer all\ntrusteeships, administrations, executorships, guardianships, agencies and all other\nfiduciary or representative proceedings to which the closed bank is named or\nappointed in wills, whenever proba ted, or to which it is appointed by any other\ninstrument, court order or by operation of law.\n(2) Nothing in this section shall be construed to impair any right of the grantor or\nbeneficiaries of trust assets to secure the appointment of a substituted tru stee or\nmanager.\n(3) Within thirty (30) days after appointment, the successor shall give written notice,\ninsofar as practicable, to all interested parties named in the books and records of the\nbank or in trust documents held by it that such successor has been appointed in\naccordance with state law.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14621","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:11Z","sha256":"b329d1b20dba3c2d863d41b6627f88468e9f10cefccd77a201525642e638692a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-878","next":"us-ky/krs-286.3-882"},"notice":"GroundRules: Original legal text. Not legal advice."}