Kentucky Statutes 386.400 – Certificates of ownership — Liability of beneficial owners
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The beneficial ownership in a business trust shall be evidenced by certificates issued by the trustees. These certificates shall be transferable in the same manner as stock certificates of a corporation are transferable. No assessment shall be made against the interest of any beneficial owner and no beneficial owner shall be personally liable for any debts or liabilities incurred by the trustees or by the business trust.
History: Created 1966 Ky. Acts ch. 19, sec. 4.
History: Created 1966 Ky. Acts ch. 19, sec. 4.
Terms Used In Kentucky Statutes 386.400
- Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010