Kentucky Statutes 386.620 – Definitions for KRS 386.620 to 386.624
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86.620 Definitions for KRS § 386.620 to KRS § 386.624.
As used in KRS § 386.620 to KRS § 386.624:
(1) “Community property” means property owned by a community property trust during the marriage of the settlor spouses;
(2) “Community property trust” means an express trust that complies with the requirements of KRS § 386.622;
(3) “Decree” means a judgment or other order of a court; (4) “Dissolution” means either:
(a) Termination of a marriage by a decree of dissolution, divorce, annulment, or declaration of invalidity; or
(b) Entry of a decree of legal separation;
(5) “During marriage” means a period that begins at marriage and ends at dissolution or the death of a spouse;
(6) “Qualified trustee” means either:
(a) A natural person who is a resident of this state; or
(b) A bank or trust company authorized to act as a trustee within the state; and
(7) “Settlor spouses” means a married couple that establishes a community property trust.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 25, sec. 1, effective July 15, 2020.
As used in KRS § 386.620 to KRS § 386.624:
Terms Used In Kentucky Statutes 386.620
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(1) “Community property” means property owned by a community property trust during the marriage of the settlor spouses;
(2) “Community property trust” means an express trust that complies with the requirements of KRS § 386.622;
(3) “Decree” means a judgment or other order of a court; (4) “Dissolution” means either:
(a) Termination of a marriage by a decree of dissolution, divorce, annulment, or declaration of invalidity; or
(b) Entry of a decree of legal separation;
(5) “During marriage” means a period that begins at marriage and ends at dissolution or the death of a spouse;
(6) “Qualified trustee” means either:
(a) A natural person who is a resident of this state; or
(b) A bank or trust company authorized to act as a trustee within the state; and
(7) “Settlor spouses” means a married couple that establishes a community property trust.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 25, sec. 1, effective July 15, 2020.