Kentucky Statutes 386A.3-010 – Governing law
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The laws of this Commonwealth govern the internal affairs of a statutory trust including: (1) The liability of a beneficial owner as beneficial owner and a trustee as trustee for a
debt, obligation, or other liability of a statutory trust or a series thereof;
(2) The enforceability of a debt, obligation, or other liability of the statutory trust against the property of the trust;
(3) The enforceability of a debt, obligation, or other liability of a series of a statutory trust, including recourse against the property of or associated with a series; and
(4) The inspection of the books and records of the statutory trust.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 16, effective July 12, 2012.
debt, obligation, or other liability of a statutory trust or a series thereof;
Terms Used In Kentucky Statutes 386A.3-010
- 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.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- Trustee: A person or institution holding and administering property in trust.
(2) The enforceability of a debt, obligation, or other liability of the statutory trust against the property of the trust;
(3) The enforceability of a debt, obligation, or other liability of a series of a statutory trust, including recourse against the property of or associated with a series; and
(4) The inspection of the books and records of the statutory trust.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 16, effective July 12, 2012.