{"data":{"id":"us-ky/krs-386.165","jurisdiction":"us-ky","citation":"KRS 386.165","heading":"Deposit of securities in a clearing corporation -- Accounting and crediting","body":"of deposits.\n(1) Notwithstanding any other provision of law, any fiduciary holding securities in its\nfiduciary capacity, any bank or trust company holding securities as a cust odian or\nmanaging agent, any bank or trust company holding securities as custodian for a\nfiduciary, is authorized to deposit or arrange for the deposit of such securities in a\nclearing corporation as defined in KRS 355.8 -102. When such securities are so\ndeposited, certificates representing securities of the same class of the same issuer\nmay be merged and held in bulk in the name of the nominee of such clearing\ncorporation with any other such securities deposited in such clearing corporation by\nany person regardless of the ownership of such securities, and certificates of small\ndenomination may be merged into one (1) or more certificates of larger\ndenomination. The records of such fiduciary and the records of such bank or trust\ncompany acting as custodian, as managing agent or as custodian for a fiduciary shall\nat all times show the name of the party for whose account the securities are so\ndeposited. Title to such securities may be transferred by bookkeeping entry on the\nbooks of such clearing corporation with out physical delivery or certificates\nrepresenting such securities. A bank or trust company depositing securities pursuant\nto this section shall be subject to such rules and regulations with respect to the\nmaking and maintenance of such deposit as, in the case of a bank or trust company\norganized under the laws of this state, the executive director of financial institutions\nand, in the case of national banking associations, the comptroller of the currency\nmay from time to time issue. A bank or trust company  acting as custodian for a\nfiduciary shall, on demand of the fiduciary, certify in writing to the fiduciary the\nsecurities so deposited by such bank or trust company in such clearing corporation\nfor the account of such fiduciary. A fiduciary shall, on dema nd by any party to its\naccounting or on demand by the attorney for such party, certify in writing to such\nparty the securities deposited by such fiduciary in such clearing corporation for its\naccount as such fiduciary.\n(2) This section shall apply to any f iduciary holding securities in a fiduciary capacity,\nand to any bank or trust company holding securities as a custodian, managing agent\nor custodian for a fiduciary, acting on June 21, 1974, or who thereafter may act\nregardless of the date of the agreement , instrument or court order by which it is\nappointed and regardless of whether or not such fiduciary, custodian, managing\nagent or custodian for a fiduciary owns capital stock of such clearing corporation.\n(3) As used in this section, \"fiduciary\" includes an executor, administrator, trustee\nunder any trust, express, implied, resulting or constructive, guardian, conservator,\nreceiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent,\nofficer of a corporation, public or private, pu blic officer or any other person acting\nin a fiduciary capacity for any person, trust or estate.","path":["KRS Chapter 386"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35845","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:15Z","sha256":"e0ff1ffe985db86c1259617effd2718442e057058ffec2cbcafd40c359b6f33a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386.160","next":"us-ky/krs-386.170"},"notice":"GroundRules: Original legal text. Not legal advice."}