367.968 Liability of officers, owners, directors and shareholders of companies
135 words·~1 min read·
/ky/367-968A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
subject to KRS 367.932 to 367.974 and 367.991.
(1)Officers, owners, directors and shareholders of companies subject to the provisions
of KRS 367.932 to 367.974 and 367.991 who knew of failure to comply with any of
the trust provisions of KRS 367.932 to 367.974 and 367.991 and who fail to take
prompt and reasonable actions to correct, including notification to the Attorney
General's office, shall be personally liable, jointly and severally, for the deficiency
existing in the trust funds and for any other civil remedy allowed by law.
(2)In addition to the liabilities declared, the person who brings suit and recovers from
an owner, officer, director, or shareholder of a company, shall also recover his
reasonable attorney's fees, the amount to be fixed and adjudged by the court before
whom the case is tried.