Go to previous versions of this Section
2022 (you are here)
2021
2020
2019
2018
Other previous versions

2022 Kentucky Revised Statutes
Chapter 390 - Uniform powers of appointment act
390.320 Creditor claim – General power created by powerholder.

Universal Citation: KY Rev Stat § 390.320 (2022)
Previous Next

Download as PDF
390.320 Creditor claim – General power created by powerholder. (1) (2) (3) (4) As used in this section, "power of appointment created by the powerholder" includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfer. Appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of the powerholder or of the powerholder's estate to the extent provided in KRS Chapter 378A. Subject to subsection (2) of this section, appointive property subject to a general power of appointment created by the powerholder is not subject to a claim of a creditor of the powerholder or the powerholder's estate to the extent the powerholder irrevocably appointed the property in favor of a person other than the powerholder or the powerholder's estate. Subject to subsections (2) and (3) of this section, and notwithstanding the presence of a spendthrift provision or whether the claim arose before or after the creation of the power of appointment, appointive property subject to a general power of appointment created by the powerholder is subject to a claim of a creditor of: (a) The powerholder, to the same extent as if the powerholder owned the appointive property, if the power is presently exercisable; and (b) The powerholder's estate, to the extent the estate is insufficient to satisfy the claim and subject to the right of a decedent to direct the source from which liabilities are paid, if the power is exercisable at the powerholder's death. Effective: July 15, 2020 History: Created 2020 Ky. Acts ch. 41, sec. 31, effective July 15, 2020.
Previous Next
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.