2006 Kentucky Revised Statutes - .1001   Definitions for chapter.

397.1001 Definitions for chapter. As used in this chapter, unless the context requires otherwise: (1)  "Co-owners with right of survivorship" means and includes joint tenants, tenants by the entireties, and other co-owners of property or accounts held under circumstances that entitle one (1) or more to the whole of the property or account on the death of the other or others; (2)  "Governing instrument" means a deed, will, trust, insurance or annuity policy, account with payment on death (POD) designation, pension, profit-sharing, retirement, or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney, or a donative, appointive, or nominative instrument of any other type; and (3)  "Payor" means a trustee, insurer, business entity, employer, government, governmental agency, subdivision, or instrumentality, or any other person authorized or obligated by law or a governing instrument to make payments. Effective: July 15, 1998 History: Created 1998 Ky. Acts ch. 415, sec. 1, effective July 15, 1998. Page 1 of 1