{"data":{"id":"us-ky/krs-355.9-1051","jurisdiction":"us-ky","citation":"KRS 355.9-1051","heading":"Control of electronic money.","body":"(1) A person has control of electronic money if the electronic money, a record attached\nto or logically associated with the electronic money, or a system in which the\nelectronic money is recorded:\n(a) Gives the person:\n1. Power to avail itself of substantially  all the benefit from the electronic\nmoney; and\n2. Exclusive power, subject to subsection (2) of this section, to:\na. Prevent others from availing themselves of substantially all the\nbenefit from the electronic money; and\nb. Transfer control of the electro nic money to another person or\ncause another person to obtain control of other electronic money\nas a result of the transfer of the electronic money; and\n(b) Enables the person to readily identify itself in any way, including by name,\nidentifying number, cr yptographic key, office, or account number, as having\nthe powers under paragraph (a) of this subsection.\n(2) Subject to subsection (3) of this section, a power is exclusive under subsection\n(1)(a)2.a. and b. of this section even if:\n(a) The electronic money, a record attached to or logically associated with the\nelectronic money, or a system in which the electronic money is recorded\nlimits the use of the electronic money or has a protocol programmed to cause\na change, including a transfer or loss of control; or\n(b) The power is shared with another person.\n(3) A power of a person is not shared with another person under subsection (2)(b) of\nthis section and the person's power is not exclusive if:\n(a) The person can exercise the power only if the power also is exercised by the\nother person; and\n(b) The other person:\n1. Can exercise the power without exercise of the power by the person; or\n2. Is the transferor to the person of an interest in the electronic money.\n(4) If a person has the powers s pecified in subsection (1)(a)2.a. and b. of this section,\nthe powers are presumed to be exclusive.\n(5) A person has control of electronic money if another person, other than the transferor\nto the person of an interest in the electronic money:\n(a) Has control of the electronic money and acknowledges that it has control on\nbehalf of the person; or\n(b) Obtains control of the electronic money after having acknowledged that it will\nobtain control of the electronic money on behalf of the person.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55671","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:47Z","sha256":"a5849b0b3de81a59e776fe9f8e2ee9dd497c12b84bef368ff13e2d27d63b2816","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.9-105","next":"us-ky/krs-355.9-106"},"notice":"GroundRules: Original legal text. Not legal advice."}