{"data":{"id":"us-ky/krs-386a.6-030","jurisdiction":"us-ky","citation":"KRS 386A.6-030","heading":"Contribution by beneficial owner.","body":"(1) A contribution of a beneficial owner to a statutory trust may be in cash, property, or\nservices rendered or a promissory note or other obligation to contribute cash or\nproperty or to perform services. A person may become a beneficial owner of a\nstatutory t rust and may receive a beneficial interest in a statutory trust without\nmaking or being obligated to make a contribution to the trust.\n(2) An obligation of a beneficial owner to make a contribution, whether of cash,\nproperty, or services, to the statutory trust shall not be enforceable unless set forth in\na writing signed by the beneficial owner.\n(3) Unless otherwise provided in a governing instrument, a beneficial owner shall be\nobligated to the statutory trust to perform any enforceable promise to contrib ute\ncash or property or to perform services, even if the beneficial owner is unable to\nperform because of death, disability, or other reason. If a beneficial owner does not\nmake a required contribution of property or services, then the beneficial owner shall\nbe obligated, at the option of the statutory trust, to contribute cash equal to that\nportion of value of the stated contribution that has not been made. This obligation is\nin addition to any other right, including the right to specific performance, that  the\ntrust has against the beneficial owner under the governing instrument or applicable\nlaw.\n(4) Unless otherwise provided in a governing instrument, an obligation of a beneficial\nowner to make a contribution may be compromised by the beneficial owners.\nNotwithstanding any compromise, a creditor of a statutory trust who extended credit\nor otherwise acted in reliance on an obligation after the beneficial owner executed a\nwriting which reflects that obligation and before any such compromise is reached\nmay enforce the original obligation.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=42384","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:18Z","sha256":"45b7f3357fa4ee5b45be0f7f4bc9661c776ec924ba3777d23ffe927f03074819","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.6-020","next":"us-ky/krs-386a.6-040"},"notice":"GroundRules: Original legal text. Not legal advice."}