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386A.3-040 Statutory trust's liability.
(1)
(2)
(3)
(4)
(5)
(6)
A debt, obligation, or other liability of a statutory trust is solely a debt, obligation,
or other liability of the trust.
A debt, obligation, or other liability incurred by or otherwise existing with respect
to the property of or associated with a particular series of a statutory trust is solely a
debt, obligation, or liability of the particular series for which there is recourse
against only the property of or associated with the particular series.
A person is not personally liable, directly or indirectly, by way of indemnification,
contribution, assessment, or otherwise, for a debt, obligation, or other liability of the
statutory trust solely by reason of being or acting as a trustee, beneficial owner,
agent of the trust, or agent of the trustee.
A person is not personally liable, directly or indirectly, by way of indemnification,
contribution, assessment, or otherwise, for a debt, obligation, or other liability of a
series or against the property of or associated with a series of a statutory trust by
reason of being associated with a series as a beneficial owner, trustee, agent of the
series, or agent of the trustee.
The property of a statutory trust not associated with a series is subject to attachment
and execution to satisfy a debt, obligation, or other liability of the trust. The
property of a statutory trust associated with a series is subject to attachment and
execution to satisfy a debt, obligation, or other liability incurred by or with respect
to the property associated with that series. The property of a series is subject to
attachment and execution to satisfy a debt, obligation, or other liability incurred by
or with respect to the property associated with that series.
Subsections (3) and (4) of this section shall not affect the liability of any person for
his or her own negligence, wrongful acts, or misconduct.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 19, effective July 12, 2012.
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