{"data":{"id":"us-ky/krs-386a.4-040","jurisdiction":"us-ky","citation":"KRS 386A.4-040","heading":"Effect of dissociation from a series.","body":"(1) A person who ceases to be a beneficial owner of a statutory trust shall cease to be\nassociated, as a beneficial owner, with any series thereof.\n(2) A trustee who ceases to be a trustee of a statutory trust shall cease to be associated,\nas a trustee, with any series thereof.\n(3) A beneficial owner or trustee associated with a series shall have such right to cease\nbeing associated with a series as is provided in the governing instrument.\n(4) A person who has dissociated as a beneficial owner associated with a  series shall\nhave no right to participate in the activities and affairs of that series and is entitled\nonly to receive the distributions to which that beneficial owner was entitled through\nthe date of dissociation.\n(5) A person's dissociation as a benefic ial owner associated with a series does not of\nitself discharge the person from any debt, obligation, or liability to that series, the\nstatutory trust, or the other beneficial owners that the person incurred while a\nbeneficial owner associated with that series.\n(6) A beneficial owner's dissociation from a series does not of itself cause the beneficial\nowner to dissociate from any other series or, unless the dissociated beneficial owner\nwas the last remaining beneficial owner associated with the series, requ ire the\nwinding up of the series.\n(7) A beneficial owner's dissociation from a series does not of itself cause the beneficial\nowner to dissociate from the statutory trust.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40367","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:17Z","sha256":"6a069db3ebd419e369440f2de83cf06d150b5bd543fe8a0ad1a2901c79f55305","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.4-030","next":"us-ky/krs-386a.4-050"},"notice":"GroundRules: Original legal text. Not legal advice."}