286.3-218 Definitions for KRS 286.3-219 and 286.3-220.
As used in KRS 286.3-219 and 286.3-220: <br>(1) "Life beneficiary" means a beneficiary who is a current permissible or mandatory
recipient of income or principal from the trust, or, if more than one (1), the <br>beneficiary or beneficiaries of the oldest generation;
(2) "Remainder beneficiary" means a beneficiary who would have received the trust
property in fee but for the continuation of the trust by the corporate trustee;
(3) "A portion or all of the trust" means a portion, including all, of any remainder
beneficiary's share of the trust to which the remainder beneficiary would be entitled <br>in fee following the death of the life beneficiary. The portion of each of the <br>remainder beneficiary's share that is continued shall be held as a separate trust;
(4) "Trust" has the same meaning as set forth in KRS 386.800; and <br>(5) "Corporate trustee" means a trust company or a bank empowered as a fiduciary.
Effective: July 14, 2000 <br>History: Created 2000 Ky. Acts ch. 440, sec. 1, effective July 14, 2000. <br>Formerly codified as KRS 287.218. <br>Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the <br>Kentucky Financial Services Code, KRS Chapter 286, and KRS references within <br>this statute have been adjusted to conform with the 2006 renumbering of that code.
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