Kentucky Statutes 386B.3-010 – Representations — Basic effect
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(1) Notice to a person who may represent and bind another person under this subchapter has the same effect as if notice were given directly to the other person.
(2) The consent of a person who may represent and bind another person under this subchapter is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
(3) Except as otherwise provided under KRS § 386B.4-110 and KRS § 386B.6-020, a person who under this subchapter may represent a settlor who lacks capacity, may receive notice and give a binding consent on the settlor’s behalf.
(4) A settlor may not represent and bind a beneficiary under this subchapter with respect to the termination or modification of a trust under KRS § 386B.4-110(1).
(5) Provisions of this subchapter shall also be applicable to KRS § 386.175 regarding a trustee‘s power to appoint principal and income in favor of a trustee of a second trust and KRS § 386.454 regarding a trustee’s power to adjust between principal and income and conversion to unitrust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 18, effective July 15, 2014.
(2) The consent of a person who may represent and bind another person under this subchapter is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
Terms Used In Kentucky Statutes 386B.3-010
- Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
- Settlor: means a person, including a testator, who creates or contributes property to a trust. 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) Except as otherwise provided under KRS § 386B.4-110 and KRS § 386B.6-020, a person who under this subchapter may represent a settlor who lacks capacity, may receive notice and give a binding consent on the settlor’s behalf.
(4) A settlor may not represent and bind a beneficiary under this subchapter with respect to the termination or modification of a trust under KRS § 386B.4-110(1).
(5) Provisions of this subchapter shall also be applicable to KRS § 386.175 regarding a trustee‘s power to appoint principal and income in favor of a trustee of a second trust and KRS § 386.454 regarding a trustee’s power to adjust between principal and income and conversion to unitrust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 18, effective July 15, 2014.