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Kentucky Revised Statutes Title XXXIII. Administration of Trusts and Estates of Persons Under Disability § 386A.9-010.Foreign statutory trusts

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

(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 thereof and the right of a beneficial owner to inspect books and records; and

(b) The enforceability of a debt, obligation, or other liability of the foreign statutory trust or any series thereof against the property of the trust or the property of or associated with a series.

(2) Each foreign statutory trust is subject to KRS Chapter 14A.

(3) The Secretary of State may not deny a foreign statutory trust a certificate of authority because of any difference between the law of its jurisdiction of formation and the laws of this Commonwealth.

(4) A certificate of authority does not authorize a foreign statutory trust to engage in any business or exercise any power that a statutory trust may not engage in or exercise in this Commonwealth.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXXIII. Administration of Trusts and Estates of Persons Under Disability § 386A.9-010.Foreign statutory trusts - 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-9-010/

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