{"data":{"id":"us-ky/krs-386a.1-020","jurisdiction":"us-ky","citation":"KRS 386A.1-020","heading":"Definitions for chapter.","body":"As used in KRS 386A.1-010 to 386A.10-040:\n(1) \"Appropriate court\" means the circuit court for the county of the Commonwealth in\nwhich the statutory trust maintains its principal office or, if none, the county in\nwhich the registered office is located;\n(2) \"Authorized foreign statutory trust\" means a foreign statutory trust that is authorized\nto transact business in this Commonwealth pursuant to a certificate of authority\nissued by the Secretary of State;\n(3) \"Beneficial owner\" means the owner of a beneficial interest in a statutory trust or\nforeign statutory trust;\n(4) \"Certificate of trust\" means the certificate required by KRS 386A.2 -010. The term\nincludes the certificate as amended or restated;\n(5) \"Common-law trust\" means a fiduciary relationship with respect to property arising\nfrom a manifestatio n of intent to create that relationship and subjecting the person\nthat holds title to the property to duties to deal with the property for the benefit of\ncharity or for one (1) or more persons, at least one (1) of which is not the sole\ntrustee, whether the  purpose of the trust is donative or commercial. The term\nincludes the type of trust known at common law as a \"business trust,\"\n\"Massachusetts trust,\" or \"Massachusetts business trust\";\n(6) \"Constituent organization\" means an organization that is party to a merger;\n(7) \"Constituent statutory trust\" means a constituent organization that is a statutory\ntrust;\n(8) \"Converted organization\" means the organization into which a converting\norganization converts;\n(9) \"Converted statutory trust\" means a converted organization that is a statutory trust;\n(10) \"Converting organization\" means an organization that converts into another\norganization;\n(11) \"Converting statutory trust\" means a converting organization that is a statutory trust;\n(12) \"Covered party\" means a tru stee, officer, employee, or manager of a statutory trust,\na related party of a trustee, officer, employee, manager, and any other person\ndesignated pursuant to KRS 386A.1-030(4)(h);\n(13) \"Distribution\" means a transfer of money or other property from a sta tutory trust or\na series on account of a beneficial interest, and includes redemption or other\npurchase of a beneficial interest by a statutory trust;\n(14) \"Entity\" has the meaning set forth in KRS 14A.1-070;\n(15) \"Foreign series trust\" means a foreign statutory trust that has one (1) or more series\nthat under the laws of its jurisdiction of organization provides rules substantially\nequivalent to KRS 386A.4-020(1);\n(16) \"Foreign entity\" has the same meaning as set forth in KRS 14A.1-070;\n(17) \"Foreign statutory trust\" means a trust that is formed under the laws of a jurisdiction\nother than this Commonwealth which would be a statutory trust if formed under the\nlaws of this Commonwealth;\n(18) \"Governing instrument\" means the trust instrument and certificate of trust;\n(19) \"Governing law\" means the law that governs an organization's internal affairs;\n(20) \"Jurisdiction,\" used to refer to a political entity, means the United States, a state, a\nforeign country, or a subdivision of a foreign country;\n(21) \"Organization\" means a common -law trust that does not have a predominantly\ndonative purpose; general partnership, including a limited liability partnership;\nlimited partnership, including a limited liability limited partner ship; limited liability\ncompany; corporation; or foreign statutory trust. The term includes a domestic or\nforeign organization whether or not organized for profit;\n(22) \"Organizational documents\" means the records that create an organization and\ndetermine its internal governance and the relations among the persons that own it,\nhave an interest in it, or are members of it;\n(23) \"Person\" means an individual, profit or nonprofit corporation, statutory trust, estate,\npartnership, limited partnership, limited li ability company, association, joint\nventure, public corporation, government or governmental subdivision, agency, or\ninstrumentality, or any other legal or commercial entity. The term does not include a\ncommon-law trust;\n(24) \"Principal office\" has the same meaning as set forth in KRS 14A.1-070;\n(25) \"Professional service\" means the personal services rendered by physicians,\nosteopaths, optometrists, podiatrists, chiropractors, dentists, nurses, pharmacists,\npsychologists, occupational therapists, veterinaria ns, engineers, architects,\nlandscape architects, certified public accountants, public accountants, physical\ntherapists, or attorneys;\n(26) \"Property\" means all property, whether real, personal, or mixed, or tangible or\nintangible, or any interest therein;\n(27) \"Record,\" used as a noun, means information that is inscribed on a tangible medium\nor that is stored in an electronic or other medium and is retrievable in perceivable\nform;\n(28) \"Related party,\" with respect to a party that is a trustee, officer, emp loyee, manager,\nor beneficial owner, means:\n(a) The spouse of the party;\n(b) A child, parent, sibling, grandchild, or grandparent of the party, or the spouse\nof one (1) of them;\n(c) An individual having the same residence as the party;\n(d) A trust or estat e of which a related party described in subparagraphs (a), (b),\nor (c) of this subsection is a substantial beneficiary;\n(e) A trust, estate, legally incapacitated individual, conservatee, or minor for\nwhich the party is a fiduciary; or\n(f) A person that di rectly or indirectly controls, is controlled by, or is under\ncommon control with, the party;\n(29) \"Series trust\" means a statutory trust that has one (1) or more series created under\nSubchapter 4 of this chapter;\n(30) \"Sign\" means, with the present intent to authenticate or adopt a record:\n(a) To execute or adopt a tangible symbol; or\n(b) To attach to or logically associate with the record an electronic symbol, sound,\nor process;\n(31) \"State\" means a state of the United States, the District of Columbia, Pue rto Rico,\nthe United States Virgin Islands, or any territory or insular possession subject to the\njurisdiction of the United States;\n(32) \"Statutory trust,\" except in the phrase \"foreign statutory trust,\" means an entity\nformed under this chapter;\n(33) \"Surviving organization\" means an organization into which one (1) or more other\norganizations are merged, whether the surviving organization pre -existed the\nmerger or was created by the merger;\n(34) \"Trust\" includes a common-law trust, statutory trust, and foreign statutory trust;\n(35) \"Trust instrument\" means a record other than the certificate of trust which provides\nfor the governance of the affairs of a statutory trust and the conduct of its business.\nThe term includes a trust agreement, a declaration of trust, and bylaws; and\n(36) \"Trustee\" means a person designated, appointed, or elected as a trustee of a statutory\ntrust or foreign statutory trust in accordance with the governing instrument or\napplicable law.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40344","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:17Z","sha256":"5182ba21caa1f6eb5558b88b86766434cad0f41b15030ea1b2fabc2003e27037","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.1-010","next":"us-ky/krs-386a.1-030"},"notice":"GroundRules: Original legal text. Not legal advice."}