Kentucky Statutes 386A.1-050 – Applicability of trust and other law
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(1) The law of this Commonwealth pertaining to common-law trusts supplements this chapter.
(2) A governing instrument may supersede or modify application to the statutory trust of any law of this Commonwealth pertaining to common-law trusts.
(3) Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
(4) Although this chapter is in derogation of common law, the rule of construction requiring strict construction of statutes which are in derogation of common law shall not apply to its provisions.
(5) Each statutory trust and each foreign statutory trust is subject to KRS Chapter 14A. (6) If an obligation to pay interest arises under this chapter and the rate is not specified,
the rate is that specified in KRS § 360.010.
(7) For purposes of KRS § 141.0401, each statutory trust and foreign statutory trust and each series of a series trust or of a foreign series trust shall be treated as a limited liability pass-through entity.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 5, effective July 12, 2012.
(2) A governing instrument may supersede or modify application to the statutory trust of any law of this Commonwealth pertaining to common-law trusts.
Terms Used In Kentucky Statutes 386A.1-050
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
(4) Although this chapter is in derogation of common law, the rule of construction requiring strict construction of statutes which are in derogation of common law shall not apply to its provisions.
(5) Each statutory trust and each foreign statutory trust is subject to KRS Chapter 14A. (6) If an obligation to pay interest arises under this chapter and the rate is not specified,
the rate is that specified in KRS § 360.010.
(7) For purposes of KRS § 141.0401, each statutory trust and foreign statutory trust and each series of a series trust or of a foreign series trust shall be treated as a limited liability pass-through entity.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 5, effective July 12, 2012.