286.3 -220 Corporate fiduciaries subject to laws governing individuals -- Security on bonds -- Ability to serve as trustee of multiple trusts with common or nonidentical beneficiaries. (1) When acting as a fiduciary or in any other capacity in which the duties , powers, liabilities, rights, and compensation are regulated by law, or under the control or supervision of the court, banks and trust companies shall, except as provided in subsections (2) and (3) of this section, be subject to the same duties and respon sibilities, have the same rights and powers, and receive the same compensation as is allowed the individual holding or exercising similar offices or trusts. (2) Upon all bonds required to be executed by such corporation before any court, the capital stock shall be the only security required for the faithful performance of its duties, unless the court or officer before whom the bond is executed, or some party in interest demands additional security. (3) A bank or trust company serving as a trustee of multipl e trusts having one (1) or more common beneficiaries or remainder beneficiaries, need not obtain court approval for performance or execution of its duties, and it shall erving as a trustee of multipl e trusts having one (1) or more common beneficiaries or remainder beneficiaries, need not obtain court approval for performance or execution of its duties, and it shall not be considered a conflict of interest solely because all beneficiaries or remainder beneficiaries of the trusts are not identical. Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 440, sec. 3, effective July 14, 2000. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 598b -4, 611. Forme rly codified as KRS 287.220. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
Kentucky Legal Code