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2021 Kentucky Revised Statutes
Chapter 386B - Uniform trust code
Subchapter 386B.5 - Creditor's Claims -- Spendthrift and Discretionary Trusts
386B.5-050 Overdue distribution.

Universal Citation: KY Rev Stat § 386B.5-050 (2021)
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386B.5-050 Overdue distribution. (1) (2) As used in this section, "mandatory distribution" means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution on termination of the trust. The term shall not include a distribution subject to the exercise of the trustee's discretion even if: (a) The discretion is expressed in the form of a standard of distribution; or (b) The terms of the trust authorizing a distribution couple language of discretion with language of direction. Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution on termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date. Effective: July 15, 2014 History: Created 2014 Ky. Acts ch. 25, sec. 44, effective July 15, 2014.
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