60-3901: Standards of liability of certified public accountants and
attorneys to financial institutions.
(a) Unless otherwise agreed in writing, certified public
accountants, licensed in accordance with article 3 of chapter 1 of the Kansas
Statutes Annotated, and their firms, officers, directors, agents, servants and
employees, while acting in the course and scope of providing accounting,
auditing, consulting and other professional services to financial institutions
authorized to do business or doing business in the state of Kansas, shall have
no greater duty of professional responsibility to the institution, its
shareholders, depositors, customers, creditors or insurers than that required
of certified public accountants by generally accepted accounting principles
(GAAP) and generally accepted auditing standards (GAAS) as provided by
K.A.R. 74-5-202 and 74-5-203 and amendments thereto.
(b) Unless otherwise agreed in writing, attorneys licensed to practice law
in this state and their firms, including employees thereof, acting in the
course and scope of providing legal services to financial institutions
authorized to do business or doing business in the state of Kansas, shall have
no greater duty of professional responsibility to the institution, its
shareholders, depositors, customers, creditors or insurers than that required
of attorneys under state law.
(c) This section is declaratory of and codifies existing Kansas law and
policy.
(d) This section shall apply to all claims or
causes of action based on Kansas state law seeking to recover money damages
from any person or entity covered within the scope of this section which are
filed in any court of competent jurisdiction.
History: L. 1993, ch. 235, § 1; April 29.
60-3902: Same; severability.
If any provision of this act or the application thereof to any
person or circumstance is held invalid, the invalidity does not affect other
provisions or applications of the act which can be given effect without the
invalid provision or application, and to this end the provisions of this act
are severable.
History: L. 1993, ch. 235, § 2; April 29.