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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) Upon dissolution pursuant to KRS 386A.4-060(1)(b), (c), (d), or (e), a series of a statutory trust shall dispose of the known claims against the property of or associated with it by following the procedures described in this section.
(2) The series shall notify its known claimants in writing of its dissolution at any time after the effective date of dissolution. The written notice shall:
(a) Identify the series by such name or names as it used in transacting business and the name of the statutory trust;
(b) Describe information that must be included in a claim;
(c) Provide a mailing address where a claim may be sent;
(d) State the deadline, which may not be fewer than one hundred twenty (120) days after the date of the written notice, by which the series must receive the claim; and
(e) State that the claim will be barred if not received by the deadline.
(3) A claim against a series shall be barred:
(a) If a claimant who is given written notice under subsection (2) of this section does not deliver the claim to the series by the deadline; or
(b) If a claimant whose claim was rejected by the series does not commence a proceeding to enforce the claim within ninety (90) days after the date of the rejection notice.
(4) For purposes of this section, “claim” shall not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXXIII. Administration of Trusts and Estates of Persons Under Disability § 386A.4-090.Known claims against dissolved series - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxxiii-administration-of-trusts-and-estates-of-persons-under-disability/ky-rev-st-sect-386a-4-090/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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