KRS 277.404: Conservation easement under KRS 382.800 to 382.860 over land adjoining

or traversed by a railtrail.

In addition to any other legal right, any person having a legal interest in land adjoining a

railtrail or in the land traversed by the railtrail itself may grant to the entity holding the

right to maintain a railtrail over the property a conservation easement over all or a portion

of the property in accordance with KRS 382.800 to 382.860. The entity holding the right

to maintain a railtrail over the corr idor may, if it finds the easement's terms acceptable,

yearly designate for the tax purposes of the party conveying the easement that the entity is

holding the corridor pursuant to the authority granted to that entity in the easement as

opposed to authorit y granted in KRS 277.400 or any similar law allowing railbanking

under federal law. This designation shall not, however, affect in any way the legal right of

that entity to hold the corridor pursuant to a federal or state railbanking law or the

operation of those laws, and the right to maintain the railtrail on the land shall not lapse

as the result of the extinguishment or modification of the easement. The easement, by its

terms, may be limited in duration from year to year or for a set period of years, ma y

extinguish itself upon the happening of a defined contingent future event, or may last in

perpetuity.