{"data":{"id":"us-ky/krs-303.150","jurisdiction":"us-ky","citation":"KRS 303.150","heading":"Appointment of receiver -- Dissolution of association.","body":"(1) If, upon examination of a burial association by the commissioner or any person\ndesignated by him to make the examination, it appears that the liabilities of the\nassociation exceed its resources, and it cannot in a reasonable time, not more than\nthree (3) months from the date of the original default, pay its accrued indebtedness\nin full, he shall report the facts to the Attorney General. The Attorney General shall,\nupon the commissioner's report, apply to the Judge of the Franklin Circuit Court or\nto the Judge of the Circuit Court of the county wherein the association is located for\nan order closing the business of the association, and appointing a receiver for the\ndistribution of its assets among creditors. No final order shall be made until the\nassociation has had ten (10) days' notice of the application and an opportunity to be\nheard. Upon hearing the matter, the court may make any order which the interest of\nthe association and the public may require.\n(2) When any burial association discontinues business, or when for any cause a\ndissolution is decreed, or when for sixty (60) days any judgment remains\nunsatisfied, the Circuit Judge in any county in which the association has transacted\nbusiness may appoint a receiver to distribute its assets among its policyh olders for\nany persons having claims against the association. The assets shall be applied first,\non accrued or natural claims or policies; second, on claims of any other kind or\ncharacter; third, in payment to policyholders of all dues paid in by them; and , if a\nbalance remains after payment of the above named claims, then that sum shall be\nreturned to the burial association.","path":["KRS Chapter 303"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16018","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:29Z","sha256":"e98e8cfb0bd31c03e8a346e391d97ac699191725f0bdece2ae62524f5f720f0b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-303.140","next":"us-ky/krs-303.160"},"notice":"GroundRules: Original legal text. Not legal advice."}