State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 099-00 > 200

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99.200 Authority to transfer real property to redevelopment corporations. Notwithstanding any requirement of law to the contrary or the absence of direct provision <br>therefor in the instrument under which a fiduciary is acting, every executor, administrator, <br>trustee, guardian, conservator or any other person holding trust funds or acting in a <br>fiduciary capacity, unless the instrument under which such fiduciary is acting expressly <br>forbids, the state, its subdivisions, cities, all other public bodies, all public officers, <br>corporations organized under or subject to the provisions of the banking law (including <br>savings banks, savings and loan associations, trust companies, banking corporations), the <br>commissioner of the Department of Financial Institutions as conservator, liquidator or <br>rehabilitator of any such person, partnership or corporation, persons, partnerships and <br>corporations organized under or subject to the provisions of the insurance law, the <br>commissioner of the Department of Insurance as conservator, liquidator or rehabilitator of <br>any such person, partnership or corporation, any of which owns or holds any real property <br>within a development area, may grant, sell, lease or otherwise transfer any such real <br>property to a redevelopment corporation, and receive and hold any cash, stocks, notes, <br>mortgages, or other securities or obligations, which they are allowed by law to acquire, <br>exchanged therefor by such redevelopment corporation, and may execute such <br>instruments and do such acts as may be deemed necessary or desirable by them or it and <br>by the redevelopment corporation in connection with the development and the <br>development plan. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 84, effective July 15, 2010. -- Amended 1982 Ky. Acts ch. 141, sec. 54, effective July 1, 1982. -- Created 1942 Ky. Acts <br>ch. 36, sec. 12. Note: 1980 Ky. Acts ch. 396, sec. 59 would have amended this section effective July 1, 1982. However, 1980 Ky. Acts ch. 396 was repealed by 1982 Ky. Acts ch. 141, <br>sec. 146, also effective July 1, 1982.