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 Acts ch. 396 was repealed by 1982 Ky.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