KRS 386B.4-090: Noncharitable trust without ascertainable beneficiary.

Except as otherwise provided in KRS 386B.4-080, KRS 367.952 regarding perpetual care

and maintenance trusts for cemeteries, or by another statute, the following rules apply:

(1) A trust may be created for a noncharitable purpose without a definite or defin itely

ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be

selected by the trustee;

(2) A trust authorized by this section may be enforced by a person appointed in the

terms of the trust or, if no person is so appointed, by a person appointed by the

District Court; and

(3) Property of a trust authorized by this section may be applied only to its intended

use, except to the extent the court determines that the value of the trust property

exceeds the amount required for the inten ded use. Except as otherwise provided in

the terms of the trust, property not required for the intended use shall be distributed

to the settlor, if then living, otherwise to the settlor's successors in interest.