Kentucky Statutes 386B.7-090 – Reimbursement of expenses
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(1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
(a) Expenses that were properly incurred in the administration of the trust; and
(b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(2) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 58, effective July 15, 2014.
(a) Expenses that were properly incurred in the administration of the trust; and
Terms Used In Kentucky Statutes 386B.7-090
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
(b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(2) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 58, effective July 15, 2014.