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Kentucky Revised Statutes Title XXXIII. Administration of Trusts and Estates of Persons Under Disability § 386A.6-090.Liability for unlawful transactions

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 that the trustee did not perform his or her duties in compliance with KRS 386A.5-050. In any proceeding commenced under this section, a trustee shall have all of the defenses ordinarily available to a trustee.

(2) A trustee held liable under subsection (1) of this section for an unlawful distribution shall be entitled to contribution:

(a) From every other trustee who could be held liable under subsection (1) of this section for the unlawful distribution; and

(b) From each beneficial owner for the amount the beneficial owner accepted knowing the distribution was made in violation of KRS 386A.6-080.

(3) A proceeding under this section shall be barred unless it is commenced within two (2) years after the date on which the effect of the distribution was measured under KRS 386A.6-080(6) and (7).

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXXIII. Administration of Trusts and Estates of Persons Under Disability § 386A.6-090.Liability for unlawful 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-6-090/

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