Title XXXIII, Administration of Trusts and Estates of Persons Under Disability

Subject to KRS 386A.5-070, a beneficial owner may lend money to, borrow money from, act as a surety, guarantor, or endorser for, guarantee or assume an obligation of, provide collateral for, or do other business with the statutory trust and, subject to law other than this chapter…

(1) Subject to any restriction in the governing instrument and the limitations in subsection (3) of this section, the trustees may authorize and the statutory trust may make distributions to its beneficial owners, including distributions to the beneficial owners associated with a…

(1) A trustee who votes for or assents to a distribution made in violation of KRS 386A.6-080 shall be personally liable to the statutory trust for the amount of the distribution that exceeds what could have been distributed without violating KRS 386A.6-080 if it is established th…

(1) A beneficial owner has the right to receive from the statutory trust or a trustee information relating to the affairs of a statutory trust which is reasonably related to the beneficial owner's interest. (2) A governing instrument may impose reasonable limitations upon the use…

(1) A beneficial owner may maintain a direct action against a statutory trust or a trustee to redress an injury sustained by, or to enforce a duty owed to, the beneficial owner if the beneficial owner can prevail without showing an injury or breach of duty to the trust. (2) A ben…

(1) Unless otherwise provided in a governing instrument, and if permitted by any law applicable to entities other than statutory trusts, one (1) or more statutory trusts may merge with or into one (1) or more other entities with the statutory trust or other business entity being …

(1) With respect to each constituent statutory trust, the plan of merger shall require the approval of the beneficial owners. (2) Each constituent organization that is not a statutory trust and that is a party to a proposed merger shall approve the plan of merger in the manner an…

(1) Each constituent organization shall enter into a written plan of merger. (2) The plan of merger shall set forth: (a) The name of each constituent organization and the name of the constituent organization into which each constituent organization proposes to merge; (b) The term…

(1) The surviving constituent organization shall deliver to the Secretary of State for filing articles of merger duly executed by each constituent organization setting forth: (a) The name and jurisdiction of incorporation, formation, or organization of each constituent organizati…

A merger shall have the following effects: (1) The constituent organizations that are parties to the merger shall be a single entity, which shall be the entity designated in the plan of merger as the surviving constituent organization; (2) Each constituent organization, except th…

(1) An entity other than a corporation governed as to its internal affairs by KRS Chapter 273 or a nonprofit limited liability company may be converted to a statutory trust pursuant to this section. (2) The terms and conditions of a conversion shall be approved: (a) In the case o…

(1) A converted statutory trust shall be for all purposes the same entity that existed before the conversion. (2) When a conversion takes effect: (a) All property and contract rights owned by, and all rights, privileges, and immunities of the converting organization shall remain …

This subchapter does not preclude an organization from being merged or converted under law other than this chapter.

A statutory trust is dissolved by: (1) Administrative dissolution under Subchapter 7 of KRS Chapter 14A; (2) The filing of articles of dissolution under KRS 386A.8-020: (a) On the occurrence of an event or circumstance that the governing instrument states causes dissolution; or (…

(1) If dissolution of a statutory trust is authorized under KRS 386A.8-010(2) or (3), the trust shall deliver to the Secretary of State for filing articles of dissolution setting forth: (a) The name of the trust; and (b) The date of the event or circumstance causing the dissoluti…

(1) The appropriate court may dissolve a statutory trust in a proceeding by a beneficial owner if it is established that: (a) It is not reasonably practicable to carry on the business of the statutory trust in conformity with the governing instrument; or (b) The trust has been wi…

(1) After dissolution, a statutory trust continues its existence as a statutory trust, but may not carry on any activities except as is appropriate to wind up and liquidate its activities and affairs, including: (a) Collecting the assets of the trust; (b) Disposing of the propert…

(1) Subject to KRS 386A.8-030(3), after dissolution of a statutory trust, the trustee or trustees shall wind up the trust's activities. (2) The appropriate court may order judicial supervision of the winding up of a statutory trust, including the appointment of a person to wind u…

(1) Upon dissolution, a statutory trust may, and a series trust shall, dispose of the known claims against it by following the procedures described in this section. (2) The statutory trust shall notify its known claimants, as well as all known claimants of any series or against t…

(1) A statutory trust may, and a series trust shall, publish notice of its dissolution pursuant to this section. (2) The notice shall: (a) Be published once in a newspaper of general circulation in the county where the statutory trust's principal office, or, if none in this Commo…

(1) Upon the winding up of a statutory trust, the assets of the trust shall be distributed as follows: (a) First, payment or adequate provisions for payment shall be made to creditors, including, to the extent permitted by law, beneficial owners who are creditors in satisfaction …

(1) The law of the jurisdiction of formation of a foreign statutory trust governs: (a) The internal affairs of the trust, including the liability of a beneficial owner as beneficial owner and trustee as trustee for a debt, obligation, or other liability of the trust or a series t…