Kentucky Statutes 389A.025 – Proceeds of sale or mortgage for benefit of persons entitled thereto
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The net proceeds of the sale or mortgage of real estate by a fiduciary shall be held, invested or distributed for the benefit of the persons who, but for the sale or mortgage, would be entitled to the income derived therefrom or the possession thereof, in accordance with law or the will or trust under which he is acting.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 87, sec. 5, effective July 15, 1980.
Effective: July 15, 1980
Terms Used In Kentucky Statutes 389A.025
- Fiduciary: A trustee, executor, or administrator.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
History: Created 1980 Ky. Acts ch. 87, sec. 5, effective July 15, 1980.