Kentucky Statutes 386A.3-020 – Statutory trust as entity
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(1) A statutory trust is a legal entity distinct from its trustees and beneficial owners.
(2) A statutory trust may hold or take title to property in its own name, or in the name of a trustee in the trustee’s capacity as trustee, whether in an active, passive, or custodial capacity.
(3) Property transferred to or otherwise acquired by a statutory trust shall be the property of the trust and not of the beneficial owners or of the trustees. A creditor of a beneficial owner or trustee may not obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of a statutory trust or the property of or associated with any series thereof.
(4) The property of a statutory trust is not subject to KRS § 381.135(1)(a)1.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 17, effective July 12, 2012.
(2) A statutory trust may hold or take title to property in its own name, or in the name of a trustee in the trustee’s capacity as trustee, whether in an active, passive, or custodial capacity.
Terms Used In Kentucky Statutes 386A.3-020
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(3) Property transferred to or otherwise acquired by a statutory trust shall be the property of the trust and not of the beneficial owners or of the trustees. A creditor of a beneficial owner or trustee may not obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of a statutory trust or the property of or associated with any series thereof.
(4) The property of a statutory trust is not subject to KRS § 381.135(1)(a)1.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 17, effective July 12, 2012.