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386A.8-060 Known claims against dissolved trust.
(1)
(2)
(3)
(4)
Upon dissolution, a statutory trust may, and a series trust shall, dispose of the
known claims against it by following the procedures described in this section.
The statutory trust shall notify its known claimants, as well as all known claimants
of any series or against the assets of or associated with a series, in writing of the
dissolution at any time after the effective date of dissolution. The written notice
shall:
(a) Provide the name of the trust and, if a series trust, the name under which each
series has transacted business;
(b) Describe the information that must be included in a claim;
(c) Provide a mailing address where a claim may be sent;
(d) State the deadline, which may not be fewer than one hundred twenty (120)
days after the date of the written notice, by which the trust must receive the
claim; and
(e) State that the claim against the trust, or in the case of a series trust a claim
against a series or against the property of or associated with a series, will be
barred if not received by the deadline.
A claim shall be barred:
(a) If a claimant who is given written notice under subsection (2) of this section
does not deliver the claim to the trust by the deadline; or
(b) If a claimant whose claim was rejected by the trust does not commence a
proceeding to enforce the claim within ninety (90) days after the date of the
rejection notice.
For purposes of this section, "claim" shall not include a contingent liability or a
claim based on an event occurring after the effective date of dissolution.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 69, effective July 12, 2012.
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