{"data":{"id":"us-ky/krs-386a.8-070","jurisdiction":"us-ky","citation":"KRS 386A.8-070","heading":"Other claims against dissolved trust.","body":"(1) A statutory trust may, and a series trust shall, publish notice of its dissolution\npursuant to this section.\n(2) The notice shall:\n(a) Be published once in a newspaper of general circulation in the county where\nthe statutory trust's principal office, or, i f none in this Commonwealth, its\nregistered office, is or was last located;\n(b) Provide the name of the statutory trust and, if a series statutory trust, the name\nor names under which each series has transacted business;\n(c) Describe the information that m ust be included in a claim and provide a\nmailing address where the claim may be sent; and\n(d) State that a claim against the trust, or in the case of a series trust a claim\nagainst a series or against the property of or associated with a series, will be\nbarred unless a proceeding to enforce the claim is commenced within two (2)\nyears after the publication of the notice.\n(3) If the statutory trust publishes a newspaper notice in accordance with subsection (2)\nof this section, the claim of each of the followi ng claimants shall be barred unless\nthe claimant commences a proceeding to enforce the claim within two (2) years\nafter the publication date of the newspaper notice:\n(a) A claimant who did not receive written notice under KRS 386A.8-060;\n(b) A claimant whose claim was timely sent to the trust but not acted on; and\n(c) A claimant whose claim is contingent or based on an event occurring after the\neffective date of dissolution.\n(4) A claim may be enforced under this section:\n(a) Against the statutory trust, to  the extent of the assets of the trust that remain\nundistributed;\n(b) To the extent of assets of the statutory trust that have been distributed in\nliquidation, against a beneficial owner to the extent of a pro rata share of the\nclaim, but the total liabili ty of a beneficial owner for all claims under this\nsection shall not exceed the total assets of the statutory trust, or the assets of or\nassociated with a series dissolved with the statutory trust, distributed in\nliquidation to the beneficial owner; and\n(c) For claims against a series or against the property of or associated with a\nseries, as provided in KRS 386A.4-100(4).\n(5) A statutory trust that published a notice under this section may file an application\nwith the appropriate court for a determination of the amount and form of security to\nbe provided for payment of claims that are contingent or have not been made known\nto t he trust or that are based on an event occurring after the effective date of the\ndissolution of the trust but that, based on the facts known to the trust, are reasonably\nestimated to arise after the effective date of the dissolution of the trust. Provision\nneed not be made for any claim that is or is reasonably anticipated to be barred\nunder subsection (3) of this section.\n(6) Within ten (10) days after the filing of the application provided for in subsection (5)\nof this section, notice of the proceeding sh all be given by the statutory trust to each\nclaimant described in KRS 386A.8-060(2).\n(7) The appropriate court may appoint a guardian ad litem to represent all claimants\nwhose identities are unknown in any proceeding brought under this section,\nincluding t hose claimants whose claims are contingent or based upon an event\noccurring after the effective date of dissolution. The reasonable fees and expenses\nof the guardian, including all reasonable expert witness fees, shall be paid by the\nstatutory trust.\n(8) Provision by the statutory trust for security in the amount and the form ordered by\nthe appropriate court under subsection (5) of this section shall satisfy the trust's\nobligation with respect to claims that are contingent, have not been made known to\nthe t rust, or are based on an event occurring after the effective date of the trust's\ndissolution, and those claims may not be enforced against a beneficial owner to\nwhom assets of the trust have been distributed.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40412","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:18Z","sha256":"071d17bbce6e2f1bc9aaa1ff178af4654799d79754f6728394930ffdf773555c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386a.8-060","next":"us-ky/krs-386a.8-080"},"notice":"GroundRules: Original legal text. Not legal advice."}