Kentucky Statutes 386.440 – How business trust sued
Current as of: 2024 | Check for updates
|
Other versions
A business trust may be sued for debts and other obligations incurred by the trustees in the performance of their duties under the declaration of trust, and for any damages resulting from the negligence of such trustees and its property shall be subject to attachment and execution in like manner as if it were a corporation.
Effective: July 15, 2010
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 167, effective July 15,
2010. — Amended 2007 Ky. Acts ch. 137, sec. 167, effective June 26, 2007. — Created 1966 Ky. Acts ch. 19, sec. 8.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”
Effective: July 15, 2010
Terms Used In Kentucky Statutes 386.440
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 167, effective July 15,
2010. — Amended 2007 Ky. Acts ch. 137, sec. 167, effective June 26, 2007. — Created 1966 Ky. Acts ch. 19, sec. 8.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183, provides, “The specific textual provisions of Sections 1 to 178 of this Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed effective as of June 26, 2007, and those provisions are hereby made expressly retroactive to that date, with the remainder of the text of those sections being unaffected by the provisions of this section.”