{"data":{"id":"us-ky/krs-386a.3-040","jurisdiction":"us-ky","citation":"KRS 386A.3-040","heading":"Statutory trust's liability.","body":"(1) A debt, obligation, or other liability of a statutory trust is solely a debt, obligation,\nor other liability of the trust.\n(2) A debt, obligation, or other liability incurred by or otherwise existing with respect\nto the property of or associated with a particular series of a statutory trust is solely a\ndebt, obligation, or liability of the particular series for which there is recourse\nagainst only the property of or associated with the particular series.\n(3) A person is not personally liable, directly or in directly, by way of indemnification,\ncontribution, assessment, or otherwise, for a debt, obligation, or other liability of the\nstatutory trust solely by reason of being or acting as a trustee, beneficial owner,\nagent of the trust, or agent of the trustee.\n(4) A person is not personally liable, directly or indirectly, by way of indemnification,\ncontribution, assessment, or otherwise, for a debt, obligation, or other liability of a\nseries or against the property of or associated with a series of a statutory t rust by\nreason of being associated with a series as a beneficial owner, trustee, agent of the\nseries, or agent of the trustee.\n(5) The property of a statutory trust not associated with a series is subject to attachment\nand execution to satisfy a debt, obli gation, or other liability of the trust. The\nproperty of a statutory trust associated with a series is subject to attachment and\nexecution to satisfy a debt, obligation, or other liability incurred by or with respect\nto the property associated with that se ries. The property of a series is subject to\nattachment and execution to satisfy a debt, obligation, or other liability incurred by\nor with respect to the property associated with that series.\n(6) Subsections (3) and (4) of this section shall not affect th e liability of any person for\nhis or her own negligence, wrongful acts, or misconduct.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40361","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:17Z","sha256":"8b4b0fd3ac0f9583342aa45ddb4d8d0bb64fc4e685649d06c59f4b66ef627136","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.3-030","next":"us-ky/krs-386a.3-050"},"notice":"GroundRules: Original legal text. Not legal advice."}