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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) Each trustee and each person designated pursuant to KRS 386A.1-030(4)(h) owes a duty of loyalty to the statutory trust and any series thereof, including but not limited to the following:
(a) To account to the trust or a series thereof and hold as trustee for it any property, profit, or benefit derived in the conduct and winding up of the trust's or series's business or derived from a use of property, including the appropriation of an opportunity, of the trust or a series thereof;
(b) To refrain from dealing with the trust in the conduct or winding up of the trust's business as or on behalf of a party having an interest adverse to the trust; and
(c) To refrain from competing with the trust or with any series thereof in the conduct of its business before dissolution.
(2) A person subject to subsection (1) of this section who acts through a related party shall be treated as having acted directly.
(3) That a transaction was fair to the statutory trust or a series thereof shall not constitute a defense to the breach of the obligation in subsection (1) of this section.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXXIII. Administration of Trusts and Estates of Persons Under Disability § 386A.5-070.Interested transactions - 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-5-070/
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