517.100 Receiving deposits in failing financial institution. (1) A person is guilty of receiving deposits in a failing financial institution when, as an officer, manager or other person participating in the direction of a financial institution, he knowingly receives or permits the receipt of a deposit or other investmen t, knowing that the institution is insolvent. (2) A financial institution is insolvent within the meaning of this section when it is unable to pay its obligations in the ordinary or usual course of business for any reason. (3) Receiving deposits in a fai ling financial institution is a Class D felony. Effective: January 1, 1975 History: Created 1974 Ky. Acts ch. 406, sec. 154, effective January 1, 1975.
Kentucky Legal Code