{"data":{"id":"us-ky/krs-386a.5-070","jurisdiction":"us-ky","citation":"KRS 386A.5-070","heading":"Interested transactions.","body":"(1) Each trustee and each person designated pursuant to KRS 386A.1 -030(4)(h) owes a\nduty of loyalty to the statutory trust and any series thereof, including but not limited\nto the following:\n(a) To account to the trust or a series thereof and hold as trustee f or it any\nproperty, profit, or benefit derived in the conduct and winding up of the trust's\nor series's business or derived from a use of property, including the\nappropriation of an opportunity, of the trust or a series thereof;\n(b) To refrain from dealing  with the trust in the conduct or winding up of the\ntrust's business as or on behalf of a party having an interest adverse to the\ntrust; and\n(c) To refrain from competing with the trust or with any series thereof in the\nconduct of its business before dissolution.\n(2) A person subject to subsection (1) of this section who acts through a related party\nshall be treated as having acted directly.\n(3) That a transaction was fair to the statutory trust or a series thereof shall not\nconstitute a defense to the breach of the obligation in subsection (1) of this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40381","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:18Z","sha256":"990aaf4613f66d78146a10d0af72bb93547495347fb1bb9801fd558402ebb4ec","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.5-060","next":"us-ky/krs-386a.5-080"},"notice":"GroundRules: Original legal text. Not legal advice."}