Kansas Statutes 58-2438. Same; termination
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Terms Used In Kansas Statutes 58-2438
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
Any such trust may be terminated by agreement of the trustee, or if there be more than one, then all of the trustees, and the governing body of the beneficiary, with the approval of the governor of the state of Kansas if such beneficiary is an agency of the state of Kansas: Provided, That such trust shall not be terminated while there exists outstanding any contractual obligations chargeable against the trust property, and no such obligation shall ever by reason of such termination, become an obligation of the beneficiary of such trust.