Kentucky Statutes 386A.6-010 – Beneficial interest
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(1) A beneficial interest in a statutory trust is personal property regardless of the nature of the property of the trust.
(2) A beneficial interest in a statutory trust is not an interest in specific property of the statutory trust.
(3) A beneficial interest in a statutory trust is freely transferable.
(4) Any limitations upon transfer of a beneficial interest set forth in the governing instrument shall be void if the same person is the sole trustee and sole beneficial owner.
(5) A beneficial owner does not have a preemptive right to subscribe to any additional issue of beneficial interests or any other interest of a statutory trust.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 45, effective July 12, 2012.
(2) A beneficial interest in a statutory trust is not an interest in specific property of the statutory trust.
Terms Used In Kentucky Statutes 386A.6-010
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
(3) A beneficial interest in a statutory trust is freely transferable.
(4) Any limitations upon transfer of a beneficial interest set forth in the governing instrument shall be void if the same person is the sole trustee and sole beneficial owner.
(5) A beneficial owner does not have a preemptive right to subscribe to any additional issue of beneficial interests or any other interest of a statutory trust.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 45, effective July 12, 2012.