2009 Kentucky Revised Statutes CHAPTER 386 ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT 386.4424 Certificate of authority required of foreign business trust for access to courts -- Civil penalty for violation. (Repealed, effective January 1, 2011)
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386.4424 Certificate of authority required of foreign business trust for access to
courts -- Civil penalty for violation. (Repealed, effective January 1, 2011)
(1) A foreign business trust transacting business in this Commonwealth without a
certificate of authority shall not maintain an action, suit, or proceeding in any court <br>in this Commonwealth until it obtains a certificate of authority.
(2) The successor to a business trust that transacted business in this Commonwealth
without a certificate of authority and the assignee of a cause of action arising out of <br>that business shall not maintain a proceeding based on that cause of action in any <br>court in this Commonwealth until the foreign business trust or its successor obtains <br>a certificate of authority.
(3) A court may stay a proceeding commenced by a foreign business trust, its successor,
or assignee, until it determines whether the foreign business trust or its successor <br>requires a certificate of authority. If it so determines, the court may further stay the <br>proceeding until the business trust or its successor obtains the certificate of <br>authority.
(4) A foreign business trust shall be liable for a civil penalty of two dollars ($2) for
each day, but not to exceed a total of five hundred dollars ($500) for each year, it <br>transacts business in this Commonwealth without a certificate of authority. The <br>Attorney General may collect all penalties due under this subsection.
(5) Notwithstanding subsections (1) and (2) of this section, the failure of a foreign
business trust to obtain a certificate of authority shall not impair the validity of any <br>contract or act of the foreign business trust or prevent it from defending any <br>proceeding in this Commonwealth.
Effective: July 15, 2010 <br>History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 28, effective July 15, 2010;
and repealed ch. 151, sec. 151, effective January 1, 2011. -- Created 2007 Ky. Acts <br>ch. 137, sec. 28, effective June 26, 2007.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183,
provides, "The specific textual provisions of Sections 1 to 178 of this Act which <br>reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed <br>effective as of June 26, 2007, and those provisions are hereby made expressly <br>retroactive to that date, with the remainder of the text of those sections being <br>unaffected by the provisions of this section."
Legislative Research Commission Note (1/1/2011). 2010 Ky. Acts ch. 151, sec. 151,
has repealed this statute effective January 1, 2011.
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