{"data":{"id":"us-ky/krs-386a.8-040","jurisdiction":"us-ky","citation":"KRS 386A.8-040","heading":"Winding up.","body":"(1) After dissolution, a statutory trust continues its existence as a statutory trust, but\nmay not carry on any activities except as is appropriate to wind up and liquidate its\nactivities and affairs, including:\n(a) Collecting the assets of the trust;\n(b) Disposing of the properties of the trust that will not be distributed in kind to\nbeneficial owners of the trust;\n(c) Discharging or making provision for discharging the liabilities of the trust,\nincluding entering into agreements with creditors for the satisfaction thereof;\n(d) Distributing the remaining property of the trust in accordance with KRS\n386A.8-080; and\n(e) Doing every other act necessary to wind up and liquidate the trust's activities\nand affairs.\n(2) In winding up a statutory trust's activities, a trust may:\n(a) Preserve the trust's activities and property as a going concern for a reasonable\ntime;\n(b) Prosecute, defend, or settle actions or proceedings whether civil, criminal, or\nadministrative, including by mediation or arbitration; and\n(c) Transfer the property of the trust.\n(3) The dissolution of a statutory trust does not:\n(a) Prevent the commencement of a proceeding by or against the trust in its name;\n(b) Abate or suspend a proceeding by or against the trust pending on the effective\ndate of dissolution;\n(c) Transfer title to the trust's property;\n(d) Terminate the authority of the registered agent of the statutory trust;\n(e) Abate or suspend KRS 386A.3-040; or\n(f) Abate or suspend KRS 386A.4-020.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40409","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:18Z","sha256":"a3ffc84a2e80245f8e884edf9157d178dd8f1c55f7d428dc85d88ecff43e9957","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.8-030","next":"us-ky/krs-386a.8-050"},"notice":"GroundRules: Original legal text. Not legal advice."}