Kentucky Statutes 386B.4-100 – Modification or termination of trust — Proceedings for approval or disapproval
Current as of: 2024 | Check for updates
|
Other versions
(1) In addition to the methods of termination prescribed by KRS § 386B.4-110, 386B.4-
120, 386B.4-130, and 386B.4-140, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve.
(2) A proceeding to approve or disapprove a proposed modification or termination under KRS § 386B.4-110, 386B.4-120, 386B.4-130, 386B.4-140, 386B.4-150, and
386B.4-160, or trust combination or division under KRS § 386B.4-170, may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under KRS § 386B.4-110 may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under KRS § 386B.4-130.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 32, effective July 15, 2014.
120, 386B.4-130, and 386B.4-140, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve.
Terms Used In Kentucky Statutes 386B.4-100
- 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
(2) A proceeding to approve or disapprove a proposed modification or termination under KRS § 386B.4-110, 386B.4-120, 386B.4-130, 386B.4-140, 386B.4-150, and
386B.4-160, or trust combination or division under KRS § 386B.4-170, may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under KRS § 386B.4-110 may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under KRS § 386B.4-130.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 32, effective July 15, 2014.