Kentucky Statutes 386A.5-020 – Trustee powers
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(1) A trustee may exercise:
(a) Powers conferred by the governing instrument;
(b) Except as limited by the governing instrument, any other powers necessary or convenient to carry out the business and affairs of the statutory trust; and
(c) Other powers conferred by this chapter.
(2) Every trustee of a statutory trust, by acceptance of election or appointment as a trustee, including by service, shall be deemed thereby to have consented to the jurisdiction of the courts of the Commonwealth of Kentucky for any action by the statutory trust or a beneficial owner against the trustee.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 34, effective July 12, 2012.
(a) Powers conferred by the governing instrument;
Terms Used In Kentucky Statutes 386A.5-020
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(b) Except as limited by the governing instrument, any other powers necessary or convenient to carry out the business and affairs of the statutory trust; and
(c) Other powers conferred by this chapter.
(2) Every trustee of a statutory trust, by acceptance of election or appointment as a trustee, including by service, shall be deemed thereby to have consented to the jurisdiction of the courts of the Commonwealth of Kentucky for any action by the statutory trust or a beneficial owner against the trustee.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 34, effective July 12, 2012.