Kentucky Statutes 386B.7-070 – Delivery of property by former trustee
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(1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
(2) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee’s possession to the cotrustee, successor trustee, or other person entitled to it.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 56, effective July 15, 2014.
(2) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee’s possession to the cotrustee, successor trustee, or other person entitled to it.
Terms Used In Kentucky Statutes 386B.7-070
- 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
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 56, effective July 15, 2014.