367.938 Trust funds, how kept and deposited -- Separate accounting record for

155 words·~1 min read·/ky/367-938

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

each contract.

(1)All trust funds mentioned in KRS 367.932 to 367.974 and 367.991 shall be

deposited in the name of the agent, with the financial institution, as trustee, within

thirty

(30)days after receipt thereof, with a bank or trust company or invested in a

savings and loan association and shall be held together with the interest, dividends,

or accretions thereon, in trust, subject to the provisions of KRS 367.932 to 367.974

and 367.991. The agent at the time of making deposit or investment shall furnish to

the financial institution the name of each payor, and the amount of payment on each

account for which the deposit or investment is being made.

(2)Deposits to such funds and the amounts deposited may be commingled, but the

accounting records shall establish a separate account for each prepaid contract and

shall show amounts deposited and the income and loss occurring thereon with

respect to each contract.