Kentucky Statutes 386A.3-050 – Duration
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(1) A statutory trust has perpetual existence.
(2) A statutory trust, or any series thereof, may not be terminated or revoked except in accordance with this chapter or the terms of the governing instrument.
(3) A statutory trust does not terminate because the same person is the sole trustee and sole beneficial owner.
(4) A series of a statutory trust does not terminate because the same person is the sole trustee and the sole beneficial owner associated with the series.
(5) That the same person is the sole trustee and sole beneficial owner of a statutory trust or of a series thereof is not a basis for not applying KRS § 386A.3-040(3) or (4).
(6) The death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner or of a trustee does not result in the termination or dissolution of the statutory trust or any series with which the beneficial owner or trustee has been associated.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 106, sec. 9, effective June 25, 2013. — Created
2012 Ky. Acts ch. 81, sec. 20, effective July 12, 2012.
(2) A statutory trust, or any series thereof, may not be terminated or revoked except in accordance with this chapter or the terms of the governing instrument.
Terms Used In Kentucky Statutes 386A.3-050
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(3) A statutory trust does not terminate because the same person is the sole trustee and sole beneficial owner.
(4) A series of a statutory trust does not terminate because the same person is the sole trustee and the sole beneficial owner associated with the series.
(5) That the same person is the sole trustee and sole beneficial owner of a statutory trust or of a series thereof is not a basis for not applying KRS § 386A.3-040(3) or (4).
(6) The death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner or of a trustee does not result in the termination or dissolution of the statutory trust or any series with which the beneficial owner or trustee has been associated.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 106, sec. 9, effective June 25, 2013. — Created
2012 Ky. Acts ch. 81, sec. 20, effective July 12, 2012.