Kentucky Statutes 386B.2-020 – Jurisdiction over trustee and beneficiary
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(1) By accepting the trusteeship of a trust having its principal place of administration in this Commonwealth or by moving the principal place of administration to this Commonwealth, the trustee submits personally to the jurisdiction of the courts of this Commonwealth regarding any matter involving the trust.
(2) With respect to their interests in the trust, the beneficiaries of a trust having its principal place of administration in this Commonwealth are subject to the jurisdiction of the courts of this Commonwealth regarding any matter involving the trust. By accepting a distribution from such a trust, the recipient submits personally to the jurisdiction of the courts of this Commonwealth regarding any matter involving the trust.
(3) This section shall not preclude other methods of obtaining jurisdiction over a trustee, beneficiary, or other person receiving property from the trust, including trust registration under KRS § 386B.2-050.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 14, effective July 15, 2014.
(2) With respect to their interests in the trust, the beneficiaries of a trust having its principal place of administration in this Commonwealth are subject to the jurisdiction of the courts of this Commonwealth regarding any matter involving the trust. By accepting a distribution from such a trust, the recipient submits personally to the jurisdiction of the courts of this Commonwealth regarding any matter involving the trust.
Terms Used In Kentucky Statutes 386B.2-020
- 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.
- Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
- Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(3) This section shall not preclude other methods of obtaining jurisdiction over a trustee, beneficiary, or other person receiving property from the trust, including trust registration under KRS § 386B.2-050.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 14, effective July 15, 2014.