Kentucky Statutes 353.230 – Petition for court approval — Affidavits — Guardian ad litem — Order of approval
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(1) Upon the execution of such a consolidation agreement, the trustee shall file with the clerk of the Circuit Court in the county in which the land covered by the lease to be consolidated hereunder, or the greater portion thereof, lies a petition for an order approving such consolidation agreement setting forth a copy of the consolidation agreement and a statement of facts constituting the grounds relied upon to secure the approval of such agreement, and shall submit with the petition the affidavits of not less than three (3) disinterested owners of real estate in the county wherein the proceedings hereunder are brought, as to whether such agreement will be advantageous or beneficial to the beneficiaries for whom such trustee is acting, which affidavits shall be filed and preserved as records of the Circuit Court.
(2) No agreement permitted by KRS § 353.210 to KRS § 353.230 shall be valid or effective until the judge of said court appoints a guardian ad litem to represent the beneficiaries for whom such trustee is acting and whose interests are sought to be consolidated hereunder. The guardian ad litem shall file an answer and the affidavits of at least three (3) witnesses, proving the advantages or disadvantages of such agreement, and shall make such recommendation to the judge relating to the agreement as he believes to be most beneficial to the persons on whose behalf he is acting. He shall receive for his services a reasonable compensation, to be allowed by the judge and taxed as costs.
(3) The judge shall proceed in a summary manner to approve or disapprove the consolidation agreement, and if he approves it he shall endorse his approval thereon. The order of the judge approving such agreement shall be entered on the civil order book of the circuit clerk’s office of the county in which the proceedings hereunder are brought.
Effective: January 2, 1978
History: Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 14, sec. 282, effective January
2, 1978. — Created 1944 Ky. Acts ch. 71, sec. 3.
(2) No agreement permitted by KRS § 353.210 to KRS § 353.230 shall be valid or effective until the judge of said court appoints a guardian ad litem to represent the beneficiaries for whom such trustee is acting and whose interests are sought to be consolidated hereunder. The guardian ad litem shall file an answer and the affidavits of at least three (3) witnesses, proving the advantages or disadvantages of such agreement, and shall make such recommendation to the judge relating to the agreement as he believes to be most beneficial to the persons on whose behalf he is acting. He shall receive for his services a reasonable compensation, to be allowed by the judge and taxed as costs.
Terms Used In Kentucky Statutes 353.230
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(3) The judge shall proceed in a summary manner to approve or disapprove the consolidation agreement, and if he approves it he shall endorse his approval thereon. The order of the judge approving such agreement shall be entered on the civil order book of the circuit clerk’s office of the county in which the proceedings hereunder are brought.
Effective: January 2, 1978
History: Amended 1976 (1st Extra. Sess.) Ky. Acts ch. 14, sec. 282, effective January
2, 1978. — Created 1944 Ky. Acts ch. 71, sec. 3.