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2022 Kentucky Revised Statutes
Chapter 386A - Kentucky uniform statutory trust act (2012)
Subchapter 386A.3 - Governing Law -- Authorizations -- Duration -- Powers
386A.3-040 Statutory trust's liability.

Universal Citation: KY Rev Stat § 386A.3-040 (2022)
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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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