Kentucky Statutes 386B.10-010 – Remedies for breach of trust
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(1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.
(2) To remedy a breach of trust that has occurred or may occur, the court may: (a) Compel the trustee to perform the trustee’s duties;
(b) Enjoin the trustee from committing a breach of trust;
(c) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means;
(d) Order a trustee to account;
(e) Appoint a special fiduciary to take possession of the trust property and administer the trust;
(f) Suspend the trustee;
(g) Remove the trustee under KRS § 386B.7-060; (h) Reduce or deny compensation to the trustee;
(i) Subject to KRS § 386B.10-110, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or
(j) Order any other appropriate relief.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 79, effective July 15, 2014.
(2) To remedy a breach of trust that has occurred or may occur, the court may: (a) Compel the trustee to perform the trustee’s duties;
Terms Used In Kentucky Statutes 386B.10-010
- Fiduciary: A trustee, executor, or administrator.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(b) Enjoin the trustee from committing a breach of trust;
(c) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means;
(d) Order a trustee to account;
(e) Appoint a special fiduciary to take possession of the trust property and administer the trust;
(f) Suspend the trustee;
(g) Remove the trustee under KRS § 386B.7-060; (h) Reduce or deny compensation to the trustee;
(i) Subject to KRS § 386B.10-110, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or
(j) Order any other appropriate relief.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 79, effective July 15, 2014.