2018 Kentucky Revised Statutes
CHAPTER 386 - ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT

Administration -- Investments

• .010 Definitions for KRS 386.010 to 386.175.
• .020 Authorized investments of trust funds -- Fiduciary to account for profits -- Section not applicable to trustees.
• .023 Investment method alternatives.
• .025 Restrictions on investment in own stock by bank or trust company acting as fiduciary.
• .030 Investment of funds of financial institutions and funds in hands of public officials.
• .040 Securities of certain federal agencies authorized as collateral.
• .050 Housing authority obligations -- Authorized investments -- Security for public deposits -- Negotiable -- United States bonds.
• .060 Investments not to be contrary to instrument creating trust.
• .070 Repealed, 2014.
• .080 Repealed, 1944.
• .090 Repealed, 1980.
• .093 Repealed, 2018.
• .095 Execution and delivery of releases of powers exercisable by deed, will or otherwise.
• .100 Application of payments made to a fiduciary -- Section not applicable to trustees.
• .110 Transfer of a negotiable instrument by a fiduciary.
• .120 Deposits in fiduciary's personal account.
• .130 Deposits in name of fiduciary as such -- In name of principal.
• .140 Checks drawn by a fiduciary payable to third person or to himself.
• .150 Fiduciary not relieved of liability.
• .160 Deposit of funds with joint control by surety and fiduciary.
• .165 Deposit of securities in a clearing corporation -- Accounting and crediting of deposits.
• .170 Nonresident trustee for personal property of nonresident beneficiary -- Power to act in this state.
• .175 Trustee's power to appoint principal or income in favor of trustee of second trust -- Terms of second trust -- Special fiduciary -- Notice -- Judicial proceedings.
• .180 Repealed, 2008.
• .185 Repealed, 2014.

Revised Uniform Principal and Income Act

• .190 Repealed, 1992.
• .191 Repealed, effective January 1, 2005.
• .195 Repealed, effective January 1, 2005.
• .200 Repealed, 1992.
• .205 Repealed, effective January 1, 2005.
• .210 Repealed, 1992.
• .215 Repealed, effective January 1, 2005.
• .220 Repealed, 1992.
• .225 Repealed, effective January 1, 2005.
• .230 Repealed, 1992.
• .235 Repealed, effective January 1, 2005.
• .240 Repealed, 1992.
• .245 Repealed, effective January 1, 2005.
• .250 Repealed, 1992.
• .255 Repealed, effective January 1, 2005.
• .260 Repealed, 1992.
• .265 Repealed, effective January 1, 2005.
• .270 Repealed, 1992.
• .275 Repealed, effective January 1, 2005.
• .280 Repealed, 1992.
• .285 Repealed, effective January 1, 2005.
• .290 Repealed, 1992.
• .295 Repealed, effective January 1, 2005.
• .300 Repealed, 1992.
• .305 Repealed, effective January 1, 2005.
• .310 Repealed, 1992.
• .315 Repealed, effective January 1, 2005.
• .320 Repealed, 1992.
• .325 Repealed, effective January 1, 2005.
• .330 Repealed, 1992
• .335 Repealed, effective January 1, 2005.
• .340 Repealed, 1992.
• .345 Repealed, effective January 1, 2005.
• .349 Repealed, effective January 1, 2005.

Private Foundations -- Charitable Trusts

• .350 Definitions for KRS 386.355 and 386.360.
• .355 Acts prohibited -- Policy of state regarding private foundations -- Split-interest trusts -- Charitable trusts.
• .360 Trust instruments -- How amended.
• .365 Distribution of assets upon dissolution -- Process for selection of receiving trust -- Assets available for distribution defined.

Business Trusts

• .370 Definition of business trust, business entity, and name of record.
• .380 Establishment -- Lawful purposes.
• .382 Name of business trust.
• .384 Registered office -- Registered agent.
• .386 Repealed, 2011.
• .388 Repealed, 2011.
• .390 Powers and liabilities of trustees -- Liability of trust for acts of trustees.
• .392 Annual report.
• .400 Certificates of ownership -- Liability of beneficial owners.
• .410 Legality of foreign business trust.
• .420 Contents and recordation of declaration of trust.
• .430 Duration of business trust -- Rules against perpetuities and restraint of alienation not violated.
• .432 Repealed, 2011.
• .440 How business trust sued.
• .441 Repealed, 2011.
• .4420 Laws governing foreign business trust.
• .4422 Transaction of business by foreign business trust.
• .4424 Repealed, 2011.
• .4426 Repealed, 2011.
• .4428 Repealed, 2011.
• .4430 Repealed, 2011.
• .4432 Repealed, 2011.
• .4434 Registered office and registered agent for foreign business trust.
• .4436 Repealed, 2011.
• .4438 Repealed, 2011.
• .4440 Repealed, 2011.
• .4442 Repealed, 2011.
• .4444 Repealed, 2011.
• .4446 Repealed, 2011.
• .4448 Repealed, 2011.

Kentucky Principal and Income Act Article 1 Definitions and Fiduciary Duties

• .450 Definitions for Kentucky Principal and Income Act, KRS 386.450 to 386.504.
• .452 Fiduciary duties.
• .454 Fiduciary's election to have certain standards apply to administration of trust or estate -- Power to adjust between principal and income -- Conversion to unitrust -- Powers under previous version of section.

Article 2 Decedent's Estate or Terminating Income Interest

• .456 Determination and distribution of net income.
• .458 Distribution to residuary and remainder beneficiaries.

Article 3 Apportionment at Beginning and End of Income Interest

• .460 When right to income begins and ends.
• .462 Apportionment of receipts and disbursements when decedent dies or income interest begins.
• .464 "Undistributed income" defined -- Apportionment when income interest ends.

Article 4 Allocation of Receipts During Administration of Trust

• .466 "Entity" defined -- Character of receipts from entities.
• .468 Distribution from trust or estate.
• .470 Principal receipts.
• .472 Receipts from rental property.
• .474 Receipts from obligation to pay money -- Exceptions.
• .476 Receipts from insurance policies and similar contracts--Exception.
• .478 Insubstantial allocations not required -- When allocation presumed insubstantial.
• .480 Receipts from deferred compensation, annuities, and similar payments -- Exceptions -- Allocations of payments made from a separate fund.
• .482 Receipts from liquidating assets.
• .484 Receipts from minerals, water, and other natural resources.
• .486 Receipts from timber.
• .488 Property not productive of income.

Article 5 Allocation of Disbursements During Administration of Trust

• .490 Disbursements from income.
• .492 Disbursement from principal.
• .494 Transfers from income to principal for depreciation.
• .496 Transfers from income to reimburse principal.
• .498 Payment of income taxes.
• .500 Adjustments between principal and income because of taxes.
• .502 Application of KRS 386.450 to 386.504 to trusts.

Article 6 Miscellaneous

• .504 Short title.

Fiduciary Investment Companies

• .510 Definitions for KRS 386.510 to 386.590.
• .520 Formation of company -- Approval -- Regulations.
• .530 Incorporation.
• .540 Regulation of investments.
• .550 Corporate powers -- Limitations and restrictions.
• .560 Purchase of own stock -- Responsibility and liability -- Compliance with regulations of comptroller of currency.
• .570 Control by commissioner of financial institutions.
• .580 Advertising and publicity prohibitions -- Exceptions.
• .590 Investment adviser's contract.
• .600 Title -- Citation.

Trust Registration

• .650 Repealed, 2014.
• .651 Repealed, 2014.
• .653 Repealed, 2014.
• .655 Repealed, 2014.
• .660 Repealed, 2014.
• .665 Repealed, 2014.
• .670 Repealed, 2014.

Judicial Proceedings

• .675 Repealed, 2014.
• .680 Repealed, 2014.
• .685 Repealed, 2014.
• .690 Repealed, 2014.
• .695 Repealed, 2014.
• .700 Repealed, 2014.

Duties and Liabilities of Trustees

• .705 Repealed, 2014.
• .710 Repealed, 2014.
• .715 Repealed, 2014.
• .720 Repealed, 2014.
• .725 Repealed, 2014.
• .730 Repealed, 2014.
• .735 Repealed, 2014.
• .740 Repealed, 2014.

Uniform Trustees' Powers Act

• .800 Repealed, 2014.
• .805 Repealed, 2014.
• .810 Repealed, 2014.
• .815 Repealed, 2014.
• .820 Power of court to permit deviation and to approve transactions involving conflict of interest.
• .825 Repealed, 2014.
• .830 Repealed, 2014.
• .835 Repealed, 2014.
• .840 Repealed, 2014.
• .845 Repealed, 2014.