{"data":{"id":"us-ky/krs-391.300","jurisdiction":"us-ky","citation":"KRS 391.300","heading":"Definitions.","body":"As used in KRS 391.305 to 391.360, unless the context otherwise requires:\n(1) \"Account\" means a contract of deposit of funds between a depositor and a financial\ninstitution, and includes a checking account, savings account, certificate of deposit,\nshare account and other like arrangement;\n(2) \"Beneficiary\" means a person named in a trust account as one for whom a party to\nthe account is named as trustee;\n(3) \"Financial institution\" means any organization authorized to do business under state\nor federal laws relating to financial institutions, including, without limitation, banks\nand trust companies, savings banks, building and loan associations, savings and\nloan companies or associations, and credit unions;\n(4) \"Joint account\" means an account payable on req uest to one (1) or more of two (2)\nor more parties whether or not mention is made of any right of survivorship;\n(5) A \"multiple -party account\" is any of the following types of account:  (i) a joint\naccount, (ii) a P.O.D. account, or (iii) a trust account.  It does not include accounts\nestablished for deposit of funds of a partnership, joint venture, or other association\nfor business purposes, or accounts controlled by one (1) or more persons as the duly\nauthorized agent or trustee for a corporation, unincor porated association, charitable\nor civic organization or a regular fiduciary or trust account where the relationship is\nestablished other than by deposit agreement;\n(6) \"Net contribution\" of a party to a joint account as of any given time is the sum of all\ndeposits thereto made by or for him, less all withdrawals made by or for him which\nhave not been paid to or applied to the use of any other party, plus a pro rata share\nof any interest or dividends included in the current balance.  The term includes, in\naddition, any proceeds of deposit life insurance added to the account by reason of\nthe death of the party whose net contribution is in question;\n(7) \"Party\" means a person who, by the terms of the account, has subject to request, a\npresent right, exercisabl e alone or jointly with one (1) or more other parties, to\npayment from a multiple -party account.  A P.O.D. payee or beneficiary of a trust\naccount is a party only after the account becomes payable to him by reason of his\nsurviving the original payee or tru stee.  Unless the context otherwise requires, it\nincludes a guardian, conservator, personal representative, or assignee, including an\nattaching creditor, of a party.  It also includes a person identified as a trustee of an\naccount for another whether or no t a beneficiary is named, but it does not include\nany named beneficiary unless he has a present right of withdrawal;\n(8) \"Payment\" of sums on deposit includes withdrawal, payment on check or other\ndirective of a party, and any pledge of sums on deposit by a party and any set-off, or\nreduction or other disposition of all or part of an account pursuant to a pledge;\n(9) \"Proof of death\" includes a death certificate or record or report which is prima facie\nproof of death;\n(10) \"P.O.D. account\" means an account payable on request to one (1) person during\nlifetime and on his death to one (1) or more P.O.D. payees, or to one (1) or more\npersons during their lifetimes and on the death of all of them to one (1) or more\nP.O.D. payees;\n(11) \"P.O.D. payee\" means a person designated on a P.O.D. account as one to whom the\naccount is payable on request after the death of one (1) or more persons;\n(12) \"Request\" means a proper request for withdrawal, or a check or order for payment,\nwhich complies with all conditions of the a ccount, including special requirements\nconcerning the necessary signature or number of signatures of the parties to the\naccount which may be required for a proper request and regulations of the financial\ninstitution; but if the financial institution condit ions withdrawal or payment on\nadvance notice, for purposes of KRS 391.305 to 391.360, the request for withdrawal\nor payment is treated as immediately effective and a notice of intent to withdraw is\ntreated as a request for withdrawal;\n(13) \"Sums on deposit\" means the balance payable on a multiple-party account including\ninterest, dividends, and in addition any deposit life insurance proceeds added to the\naccount by reason of the death of a party;\n(14) \"Trust account\" means an account in the name of one (1) or more parties as trustee\nfor one (1) or more beneficiaries where the relationship is established by the form of\nthe account and the deposit agreement with the financial institution and there is no\nsubject of the trust other than the sums on deposit in the account; it is not essential\nthat payment to the beneficiary be mentioned in the deposit agreement. A trust\naccount does not include a regular trust account under a testamentary trust or a trust\nagreement which has significance apart from the account, or a fiduciary account\narising from a fiduciary relation such as attorney-client;\n(15) \"Withdrawal\" includes payment to a third person pursuant to check or other\ndirective of a party;\n(16) A financial institution \"receives\" an order or notice under KRS 391.305 to 391.360\nwhen it is duly delivered at the place of business at which the multiple -party\naccount was originally established or at any other place held out by the financial\ninstitution as the place for receipt of such communication.","path":["KRS Chapter 391"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=36161","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:23Z","sha256":"897a5d15ce74fca50acab54fa94a8a72aa833581fcd0bbc7d7ffb42546d77090","source_id":"us-ky","stale":false,"prev":"us-ky/krs-391.260","next":"us-ky/krs-391.305"},"notice":"GroundRules: Original legal text. Not legal advice."}