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Kentucky Revised Statutes

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Statutes Last Updated July 23, 2012

Includes Enactments through the 2012 Extraordinary Session
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KRS Chapter 386.00

Administration -- Investments

  • .010   Definitions for KRS 386.010 to 386.185.

  • .020   Authorized investments of trust funds -- Fiduciary to account for profits.

  • .023   Investment method alternatives.

  • .025   Restrictions on investment in own stock by bank or trust company acting as fiduciary.

  • .030   Investment of funds of financial institutions and funds in hands of public officials.

  • .040   Securities of certain federal agencies authorized as collateral.

  • .050   Housing authority obligations -- Authorized investments -- Security for public deposits -- Negotiable -- United States bonds.

  • .060   Investments not to be contrary to instrument creating trust.

  • .070   Disposition of unauthorized securities.

  • .080   Repealed, 1944.

  • .090   Repealed, 1980.

  • .093   Effect of disability, incapacity, or death on power of attorney, durable or otherwise.

  • .095   Execution and delivery of releases of powers exercisable by deed, will or otherwise.

  • .100   Application of payments made to a fiduciary.

  • .110   Transfer of a negotiable instrument by a fiduciary.

  • .120   Deposits in fiduciary's personal account.

  • .130   Deposits in name of fiduciary as such -- In name of principal.

  • .140   Checks drawn by a fiduciary payable to third person or to himself.

  • .150   Fiduciary not relieved of liability.

  • .160   Deposit of funds with joint control by surety and fiduciary.

  • .165   Deposit of securities in a clearing corporation -- Accounting and crediting of deposits.

  • .170   Nonresident trustee for personal property of nonresident beneficiary -- Power to act in this state.

  • .175   Trustee's power to appoint principal or income in favor of trustee of second trust -- Terms of second trust -- Special fiduciary -- Notice -- Judicial proceedings.  

  • .180   Repealed, 2008.

  • .185   Distribution of trusts of $50,000 or less.

    • Revised Uniform Principal and Income Act

  • .190   Repealed, 1992.

  • .191   Repealed, effective January 1, 2005.

  • .195   Repealed, effective January 1, 2005.

  • .200   Repealed, 1992.

  • .205   Repealed, effective January 1, 2005.

  • .210   Repealed, 1992.

  • .215   Repealed, effective January 1, 2005.

  • .220   Repealed, 1992.

  • .225   Repealed, effective January 1, 2005.

  • .230   Repealed, 1992.

  • .235   Repealed, effective January 1, 2005.

  • .240   Repealed, 1992.

  • .245   Repealed, effective January 1, 2005.

  • .250   Repealed, 1992.

  • .255   Repealed, effective January 1, 2005.

  • .260   Repealed, 1992.

  • .265   Repealed, effective January 1, 2005.

  • .270   Repealed, 1992.

  • .275   Repealed, effective January 1, 2005.

  • .280   Repealed, 1992.

  • .285   Repealed, effective January 1, 2005.

  • .290   Repealed, 1992.

  • .295   Repealed, effective January 1, 2005.

  • .300   Repealed, 1992.

  • .305   Repealed, effective January 1, 2005.

  • .310   Repealed, 1992.

  • .315   Repealed, effective January 1, 2005.

  • .320   Repealed, 1992.

  • .325   Repealed, effective January 1, 2005.

  • .330   Repealed, 1992

  • .335   Repealed, effective January 1, 2005.

  • .340   Repealed, 1992.

  • .345   Repealed, effective January 1, 2005.

  • .349   Repealed, effective January 1, 2005.

    • Private Foundations -- Charitable Trusts

  • .350   Definitions for KRS 386.355 and 386.360.

  • .355   Acts prohibited -- Policy of state regarding private foundations -- Split-interest trusts -- Charitable trusts.

  • .360   Trust instruments -- How amended.

  • .365   Distribution of assets upon dissolution -- Process for selection of receiving trust -- Assets available for distribution defined.

    • Business Trusts

  • .370   Definition of business trust, business entity, and name of record.

  • .380   Establishment -- Lawful purposes.

  • .382   Name of business trust.  

  • .384   Registered office -- Registered agent.  

  • .386   Repealed, 2011.

  • .388   Repealed, 2011.

  • .390   Powers and liabilities of trustees -- Liability of trust for acts of trustees.

  • .392   Annual report.  

  • .400   Certificates of ownership -- Liability of beneficial owners.

  • .410   Legality of foreign business trust.

  • .420   Contents and recordation of declaration of trust.  

  • .430   Duration of business trust -- Rules against perpetuities and restraint of alienation not violated.

  • .432   Repealed, 2011.

  • .440   How business trust sued.

  • .441   Repealed, 2011.

  • .4420   Laws governing foreign business trust.

  • .4422   Transaction of business by foreign business trust.

  • .4424   Repealed, 2011.

  • .4426   Repealed, 2011.

  • .4428   Repealed, 2011.

  • .4430   Repealed, 2011.

  • .4432   Repealed, 2011.

  • .4434   Registered office and registered agent for foreign business trust.  

  • .4436   Repealed, 2011.

  • .4438   Repealed, 2011.

  • .4440   Repealed, 2011.

  • .4442   Repealed, 2011.

  • .4444   Repealed, 2011.

  • .4446   Repealed, 2011.

  • .4448   Repealed, 2011.

    • Kentucky Principal and Income Act

  • .450   Definitions for Kentucky Principal and Income Act, KRS 386.450 to 386.504.  

  • .452   Fiduciary duties.

  • .454   Fiduciary's election to have certain standards apply to administration of trust or estate -- Power to adjust between principal and income -- Conversion to unitrust -- Adversary proceeding -- Powers under previous version of section.  

    • Article 2

  • .456    Determination and distribution of net income.

  • .458   Distribution to residuary and remainder beneficiaries.

    • Article 3

  • .460   When right to income begins and ends.

  • .462   Apportionment of receipts and disbursements when decedent dies or income interest begins.

  • .464   "Undistributed income" defined -- Apportionment when income interest ends.

    • Article 4

  • .466   "Entity" defined -- Character of receipts from entities.

  • .468   Distribution from trust or estate.

  • .470   Principal receipts.

  • .472   Receipts from rental property.

  • .474   Receipts from obligation to pay money -- Exceptions.

  • .476   Receipts from insurance policies and similar contracts--Exception.

  • .478   Insubstantial allocations not required -- When allocation presumed insubstantial.

  • .480   Receipts from deferred compensation, annuities, and similar payments -- Exceptions -- Allocations of payments made from a separate fund.

  • .482   Receipts from liquidating assets.

  • .484   Receipts from minerals, water, and other natural resources.

  • .486   Receipts from timber.

  • .488   Property not productive of income.

    • Article 5

  • .490   Disbursements from income.

  • .492   Disbursement from principal.

  • .494   Transfers from income to principal for depreciation.

  • .496   Transfers from income to reimburse principal.

  • .498   Payment of income taxes.

  • .500   Adjustments between principal and income because of taxes.

  • .502   Application of KRS 386.450 to 386.504 to trusts.  

    • Article 6

  • .504   Short title.

    • Fiduciary Investment Companies

  • .510   Definitions for KRS 386.510 to 386.590.

  • .520   Formation of company -- Approval -- Regulations.

  • .530   Incorporation.

  • .540   Regulation of investments.

  • .550   Corporate powers -- Limitations and restrictions.

  • .560   Purchase of own stock -- Responsibility and liability -- Compliance with regulations of comptroller of currency.

  • .570   Control by commissioner of financial institutions.

  • .580   Advertising and publicity prohibitions -- Exceptions.

  • .590   Investment adviser's contract.

  • .600   Title -- Citation.

    • Trust Registration

  • .650   "Court" defined.

  • .651   "Trust" defined.

  • .653   Applicability of KRS 386.650 to 386.735 to all trusts.

  • .655   Trust registration -- Duty to register.

  • .660   Procedures.

  • .665   Effect of registration -- Notice of proceedings.

  • .670   Failure to register.

    • Judicial Proceedings

  • .675   Initiation of judicial proceedings.

  • .680   Venue.

  • .685   Proceedings relating to foreign trusts.

  • .690   Jurisdiction of litigation involving trusts and third parties.

  • .695   Review of agent's employment and compensation of trustee and employees.

  • .700   Filing petition -- Notice requirements.

    • Duties and Liabilities of Trustees

  • .705   General duties not limited.

  • .710   Standard of care and performance.

  • .715   Duty to inform and account to beneficiaries.

  • .720   Duty to provide surety on bond.

  • .725   Appropriate place of administration -- Deviation.

  • .730   Personal liability of trustee to third parties.

  • .735   Limitations on proceedings against trustees after final account.

  • .740   Power of fiduciary to use assets to prevent or remedy environmental violations -- Limitation of personal liability of fiduciary.

    • Uniform Trustees' Powers Act

  • .800   Definitions.

  • .805   Powers of trustee conferred by trust or by law.

  • .810   Powers of trustees conferred by this chapter.  

  • .815   Trustee's office not transferable.

  • .820   Power of court to permit deviation and to approve transactions involving conflict of interest.

  • .825   Powers exercisable by joint trustees -- Liability.

  • .830   Third persons protected in dealing with trustee.

  • .835   Application of KRS 386.805 to 386.840.

  • .840   Uniformity of interpretation.

  • .845   Short title.

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