Kentucky Statutes 386.170 – Nonresident trustee for personal property of nonresident beneficiary — Power to act in this state
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(1) Where the beneficial owner of personal estate, held and controlled for his benefit or the benefit of his children or heirs by a trustee, is a nonresident of this state and has no trustee in this state, his trustee, appointed and qualified according to the laws of the place where the person resides, may collect, receive and remove to such place of residence any personal estate of the person or cestui que trust located in this state.
(2) Upon application by petition in a summary way, the Circuit Court having jurisdiction may authorize the foreign trustee to sue for, recover and remove any such personal estate of the nonresident cestui que trust, or to otherwise act as a trustee appointed in this state.
(3) The court shall not grant the petition or authorize the collection or removal of such property unless it is satisfied by documentary evidence that the foreign trustee has, where he qualified, given bond with good and sufficient surety to account for all the estate of the nonresident cestui que trust that might come to his hands, nor unless the court is satisfied that neither the nonresident cestui que trust nor any person having a present, future or contingent interest in the personal estate will be prejudiced by the order.
(4) The venue for such action shall lie in the county where there is jurisdiction in the
District Court to appoint a trustee for the nonresident person.
Effective: July 15, 1980
History: Amended 1980 Ky. Acts ch. 259, sec. 3, effective July 15, 1980. –Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4709,
4710, 4711.
(2) Upon application by petition in a summary way, the Circuit Court having jurisdiction may authorize the foreign trustee to sue for, recover and remove any such personal estate of the nonresident cestui que trust, or to otherwise act as a trustee appointed in this state.
Terms Used In Kentucky Statutes 386.170
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Personal estate: includes chattels, real and other estate that passes to the personal representative upon the owner dying intestate. 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.
- Venue: The geographical location in which a case is tried.
(3) The court shall not grant the petition or authorize the collection or removal of such property unless it is satisfied by documentary evidence that the foreign trustee has, where he qualified, given bond with good and sufficient surety to account for all the estate of the nonresident cestui que trust that might come to his hands, nor unless the court is satisfied that neither the nonresident cestui que trust nor any person having a present, future or contingent interest in the personal estate will be prejudiced by the order.
(4) The venue for such action shall lie in the county where there is jurisdiction in the
District Court to appoint a trustee for the nonresident person.
Effective: July 15, 1980
History: Amended 1980 Ky. Acts ch. 259, sec. 3, effective July 15, 1980. –Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4709,
4710, 4711.