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386.800 Definitions.
As used in KRS 386.805 to 386.840:
(1) "Trust" means an express trust created by a trust instrument, including a will,
whereby a trustee has the duty to administer a trust asset for the benefit of a
named or otherwise described income or principal beneficiary, or both; "trust"
does not include a resulting or constructive trust, a business trust which
provides for certificates to be issued to the beneficiary, an investment trust, a
voting trust, a security instrument, a trust created by the judgment or decree of
a court, a liquidation trust, or a trust for the primary purpose of paying
dividends, interests, interest coupons, salaries, wages, pensions or profits, or
employee benefits of any kind, an instrument wherein a person is nominee or
escrowee for another, a trust created in deposits in any financial institution, or
other trust the nature of which does not admit of general trust administration;
(2) "Trustee" means an original, added, or successor trustee;
(3) "Prudent man" means a trustee whose exercise of trust powers is reasonable
and equitable in view of the interests of income or principal beneficiaries or
both, and in view of the manner in which men of ordinary prudence, diligence,
discretion, and judgment would act in the management of their own affairs.
History: Created 1976 Ky. Acts ch. 218, sec. 44.
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