Kentucky Statutes 386B.5-010 – Rights of beneficiary’s creditor or assignee
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(1) To the extent a beneficiary‘s interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary’s interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means.
(2) The court may limit the award to such relief as is appropriate under the circumstances.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 40, effective July 15, 2014.
(2) The court may limit the award to such relief as is appropriate under the circumstances.
Terms Used In Kentucky Statutes 386B.5-010
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person that:
(a) Has a present or future beneficial interest in a trust, vested or contingent. See Kentucky Statutes 386B.1-010 - Spendthrift provision: means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary's interest. See Kentucky Statutes 386B.1-010
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 40, effective July 15, 2014.