136.565 Liability of corporate officers for taxes. - Kentucky Statutes

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Page 1 of 1 136.565 Liability of corporate officers for taxes. Notwithstanding any other provisions of KRS 136.500 to 136.575, the president, vice
president, secretary, treasurer, or any other person holding any equivalent corporate office
of any financial institution subject to the provisions of KRS 136.500 to 136.575 shall be
personally and individually liable jointly and severally, for the taxes under KRS 136.500
to 136.575 in the event that the financial institution is unable to make payment. Neither
the corporate dissolution or withdrawal of the financial institution from the
Commonwealth nor the cessation of holding any corporate office shall discharge the
liability imposed by this section. The personal and individual liability shall apply to each
and every person holding a corporate office at the time the taxes become or became due.
No person will be personally and individually liable pursuant to this section if that person
did not have authority in the management of the business or financial affairs of the
financial institution at the time the taxes imposed by KRS 136.500 to 136.575 become or
became due. "Taxes" as used in this section includes interest accrued at the rate provided
by KRS 131.010(6) and all applicable penalties and fees imposed under the provisions of
KRS 136.500 to 136.575 and KRS 131.180, 131.440, and 131.990. Effective: July 15, 1996
History: Created 1996 Ky. Acts ch. 254, sec. 15, effective July 15, 1996.