{"data":{"id":"us-ky/krs-386a.10-040","jurisdiction":"us-ky","citation":"KRS 386A.10-040","heading":"Effective date -- Application to business trusts -- Application to","body":"foreign business trusts.\n(1) This chapter does not limit, prohibit, or invalidate the existence, acts, or obligations\nof any common -law trust created or doing business in this Co mmonwealth before,\non, or after July 12, 2012.\n(2) A business trust formed under any statute of this Commonwealth prior to July 12,\n2012, until or unless it becomes a statutory trust under this chapter, shall continue to\nbe governed by the provisions of the statute under which it was formed.\n(3) The enactment of this chapter shall not impair, or otherwise affect, the organization\nor the continued existence of a business trust existing on July 12, 2012.\n(4) This chapter governs only:\n(a) A statutory trust formed on or after July 12, 2012; and\n(b) A business trust formed before July 12, 2012, which elects, in the manner\nprovided in its governing instrument or by law for amending the governing\ninstrument, to be subject to this chapter.\n(5) A business trust form ed under any statute or pursuant to the common law of this\nCommonwealth prior to July 12, 2012, may elect to become subject to this chapter\nby a consent sufficient to amend the declaration of trust or in the absence thereof by\nthe unanimous consent of the beneficial owners. Thereafter, the business trust shall\nfile an amended and restated certificate of trust which complies with KRS 386A.2 -\n010 and that further sets forth:\n(a) The name of the business trust as set forth on any declaration of trust filed\npursuant to KRS 386.420 or predecessor law;\n(b) The date of filing of any declaration of trust filed pursuant to KRS 386.420 or\npredecessor law;\n(c) An affirmative election by the business trust to be subject to this chapter; and\n(d) An affirmative statement t hat the election was approved as required by this\nsubsection.\n(6) A business or statutory trust formed in a jurisdiction other than the Commonwealth\nof Kentucky may elect to be subject to this chapter by a consent sufficient to amend\nthe declaration of tru st and trust agreement or in the absence thereof by the\nunanimous consent of the beneficial owners. Thereafter, the business or statutory\ntrust shall file an amended and restated certificate of trust which complies with KRS\n386A.2-010 and further sets forth:\n(a) The name of the business or statutory trust;\n(b) The previous jurisdiction of organization;\n(c) An affirmative election by the trust to be subject to this chapter; and\n(d) A statement that the election to be governed by this chapter is effective under\nthe law and agreements governing the trust prior to becoming subject to this\nchapter.\n(7) An election pursuant to subsection (5) or (6) of this section is effective upon the\neffective time and date of the amended and restated certificate of trust as provided\nin KRS 14A.2-070.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40418","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:18Z","sha256":"ee373822931eeab6c48ecf92bcd7df3fa19eb2db476f9a7f815a9d063d53bc6c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.10-030","next":"us-ky/krs-386a.2-010"},"notice":"GroundRules: Original legal text. Not legal advice."}