Kentucky Statutes 386B.4-050 – Charitable purposes — Enforcement
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(1) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community.
(2) Except as otherwise provided in KRS § 381.260, if the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, the court may select one (1) or more charitable purposes or beneficiaries. The selection shall be consistent with the settlor‘s intention to the extent it can be ascertained.
(3) The settlor of a charitable trust, among others, may maintain a proceeding to enforce the trust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 27, effective July 15, 2014.
(2) Except as otherwise provided in KRS § 381.260, if the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, the court may select one (1) or more charitable purposes or beneficiaries. The selection shall be consistent with the settlor‘s intention to the extent it can be ascertained.
Terms Used In Kentucky Statutes 386B.4-050
- Charitable trust: means a trust, or part of a trust, established for a charitable purpose as described in KRS §. See Kentucky Statutes 386B.1-010
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Kentucky Statutes 386B.1-010
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
(3) The settlor of a charitable trust, among others, may maintain a proceeding to enforce the trust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 27, effective July 15, 2014.