Kentucky Statutes 376.170 – Distribution of income when operation of property is continued
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If the trustee or other person having the administration or distribution of the property or effects continues to operate the business, he shall, at the end of each calendar month, after payment of current expenses and any debt due the United States or this state, distribute the remaining money in his hands pro rata among the persons to whom a lien is given by KRS § 376.150 and KRS § 376.180, except twenty percent (20%) thereof which he may, if necessary, reserve for contingent expenses.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2489.
Effective: October 1, 1942
Terms Used In Kentucky Statutes 376.170
- Lien: A claim against real or personal property in satisfaction of a debt.
- Month: means calendar month. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2489.