Kentucky Statutes 386A.1-020 – Definitions for chapter
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As used in KRS § 386A.1-010 to KRS § 386A.10-040:
(1) “Appropriate court” means the circuit court for the county of the Commonwealth in which the statutory trust maintains its principal office or, if none, the county in which the registered office is located;
(2) “Authorized foreign statutory trust” means a foreign statutory trust that is authorized to transact business in this Commonwealth pursuant to a certificate of authority issued by the Secretary of State;
(3) “Beneficial owner” means the owner of a beneficial interest in a statutory trust or foreign statutory trust;
(4) “Certificate of trust” means the certificate required by KRS § 386A.2-010. The term includes the certificate as amended or restated;
(5) “Common-law trust” means a fiduciary relationship with respect to property arising from a manifestation of intent to create that relationship and subjecting the person that holds title to the property to duties to deal with the property for the benefit of charity or for one (1) or more persons, at least one (1) of which is not the sole trustee, whether the purpose of the trust is donative or commercial. The term includes the type of trust known at common law as a “business trust,” “Massachusetts trust,” or “Massachusetts business trust”;
(6) “Constituent organization” means an organization that is party to a merger;
(7) “Constituent statutory trust” means a constituent organization that is a statutory trust;
(8) “Converted organization” means the organization into which a converting organization converts;
(9) “Converted statutory trust” means a converted organization that is a statutory trust; (10) “Converting organization” means an organization that converts into another
organization;
(11) “Converting statutory trust” means a converting organization that is a statutory trust; (12) “Covered party” means a trustee, officer, employee, or manager of a statutory trust,
a related party of a trustee, officer, employee, manager, and any other person
designated pursuant to KRS § 386A.1-030(4)(h);
(13) “Distribution” means a transfer of money or other property from a statutory trust or a series on account of a beneficial interest, and includes redemption or other purchase of a beneficial interest by a statutory trust;
(14) “Entity” has the meaning set forth in KRS § 14A.1-070;
(15) “Foreign series trust” means a foreign statutory trust that has one (1) or more series that under the laws of its jurisdiction of organization provides rules substantially equivalent to KRS § 386A.4-020(1);
(16) “Foreign entity” has the same meaning as set forth in KRS § 14A.1-070;
(17) “Foreign statutory trust” means a trust that is formed under the laws of a jurisdiction other than this Commonwealth which would be a statutory trust if formed under the
laws of this Commonwealth;
(18) “Governing instrument” means the trust instrument and certificate of trust; (19) “Governing law” means the law that governs an organization’s internal affairs;
(20) “Jurisdiction,” used to refer to a political entity, means the United States, a state, a foreign country, or a subdivision of a foreign country;
(21) “Organization” means a common-law trust that does not have a predominantly donative purpose; general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership; limited liability company; corporation; or foreign statutory trust. The term includes a domestic or foreign organization whether or not organized for profit;
(22) “Organizational documents” means the records that create an organization and determine its internal governance and the relations among the persons that own it, have an interest in it, or are members of it;
(23) “Person” means an individual, profit or nonprofit corporation, statutory trust, estate, partnership, limited partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. The term does not include a common-law trust;
(24) “Principal office” has the same meaning as set forth in KRS § 14A.1-070;
(25) “Professional service” means the personal services rendered by physicians, osteopaths, optometrists, podiatrists, chiropractors, dentists, nurses, pharmacists, psychologists, occupational therapists, veterinarians, engineers, architects, landscape architects, certified public accountants, public accountants, physical therapists, or attorneys;
(26) “Property” means all property, whether real, personal, or mixed, or tangible or intangible, or any interest therein;
(27) “Record,” used as a noun, means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;
(28) “Related party,” with respect to a party that is a trustee, officer, employee, manager, or beneficial owner, means:
(a) The spouse of the party;
(b) A child, parent, sibling, grandchild, or grandparent of the party, or the spouse of one (1) of them;
(c) An individual having the same residence as the party;
(d) A trust or estate of which a related party described in subparagraphs (a), (b), or (c) of this subsection is a substantial beneficiary;
(e) A trust, estate, legally incapacitated individual, conservatee, or minor for which the party is a fiduciary; or
(f) A person that directly or indirectly controls, is controlled by, or is under common control with, the party;
(29) “Series trust” means a statutory trust that has one (1) or more series created under
Subchapter 4 of this chapter;
(30) “Sign” means, with the present intent to authenticate or adopt a record: (a) To execute or adopt a tangible symbol; or
(b) To attach to or logically associate with the record an electronic symbol, sound, or process;
(31) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States;
(32) “Statutory trust,” except in the phrase “foreign statutory trust,” means an entity formed under this chapter;
(33) “Surviving organization” means an organization into which one (1) or more other organizations are merged, whether the surviving organization pre-existed the merger or was created by the merger;
(34) “Trust” includes a common-law trust, statutory trust, and foreign statutory trust;
(35) “Trust instrument” means a record other than the certificate of trust which provides for the governance of the affairs of a statutory trust and the conduct of its business. The term includes a trust agreement, a declaration of trust, and bylaws; and
(36) “Trustee” means a person designated, appointed, or elected as a trustee of a statutory trust or foreign statutory trust in accordance with the governing instrument or applicable law.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 2, effective July 12, 2012.
(1) “Appropriate court” means the circuit court for the county of the Commonwealth in which the statutory trust maintains its principal office or, if none, the county in which the registered office is located;
Terms Used In Kentucky Statutes 386A.1-020
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Fiduciary: A trustee, executor, or administrator.
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(2) “Authorized foreign statutory trust” means a foreign statutory trust that is authorized to transact business in this Commonwealth pursuant to a certificate of authority issued by the Secretary of State;
(3) “Beneficial owner” means the owner of a beneficial interest in a statutory trust or foreign statutory trust;
(4) “Certificate of trust” means the certificate required by KRS § 386A.2-010. The term includes the certificate as amended or restated;
(5) “Common-law trust” means a fiduciary relationship with respect to property arising from a manifestation of intent to create that relationship and subjecting the person that holds title to the property to duties to deal with the property for the benefit of charity or for one (1) or more persons, at least one (1) of which is not the sole trustee, whether the purpose of the trust is donative or commercial. The term includes the type of trust known at common law as a “business trust,” “Massachusetts trust,” or “Massachusetts business trust”;
(6) “Constituent organization” means an organization that is party to a merger;
(7) “Constituent statutory trust” means a constituent organization that is a statutory trust;
(8) “Converted organization” means the organization into which a converting organization converts;
(9) “Converted statutory trust” means a converted organization that is a statutory trust; (10) “Converting organization” means an organization that converts into another
organization;
(11) “Converting statutory trust” means a converting organization that is a statutory trust; (12) “Covered party” means a trustee, officer, employee, or manager of a statutory trust,
a related party of a trustee, officer, employee, manager, and any other person
designated pursuant to KRS § 386A.1-030(4)(h);
(13) “Distribution” means a transfer of money or other property from a statutory trust or a series on account of a beneficial interest, and includes redemption or other purchase of a beneficial interest by a statutory trust;
(14) “Entity” has the meaning set forth in KRS § 14A.1-070;
(15) “Foreign series trust” means a foreign statutory trust that has one (1) or more series that under the laws of its jurisdiction of organization provides rules substantially equivalent to KRS § 386A.4-020(1);
(16) “Foreign entity” has the same meaning as set forth in KRS § 14A.1-070;
(17) “Foreign statutory trust” means a trust that is formed under the laws of a jurisdiction other than this Commonwealth which would be a statutory trust if formed under the
laws of this Commonwealth;
(18) “Governing instrument” means the trust instrument and certificate of trust; (19) “Governing law” means the law that governs an organization’s internal affairs;
(20) “Jurisdiction,” used to refer to a political entity, means the United States, a state, a foreign country, or a subdivision of a foreign country;
(21) “Organization” means a common-law trust that does not have a predominantly donative purpose; general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership; limited liability company; corporation; or foreign statutory trust. The term includes a domestic or foreign organization whether or not organized for profit;
(22) “Organizational documents” means the records that create an organization and determine its internal governance and the relations among the persons that own it, have an interest in it, or are members of it;
(23) “Person” means an individual, profit or nonprofit corporation, statutory trust, estate, partnership, limited partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. The term does not include a common-law trust;
(24) “Principal office” has the same meaning as set forth in KRS § 14A.1-070;
(25) “Professional service” means the personal services rendered by physicians, osteopaths, optometrists, podiatrists, chiropractors, dentists, nurses, pharmacists, psychologists, occupational therapists, veterinarians, engineers, architects, landscape architects, certified public accountants, public accountants, physical therapists, or attorneys;
(26) “Property” means all property, whether real, personal, or mixed, or tangible or intangible, or any interest therein;
(27) “Record,” used as a noun, means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;
(28) “Related party,” with respect to a party that is a trustee, officer, employee, manager, or beneficial owner, means:
(a) The spouse of the party;
(b) A child, parent, sibling, grandchild, or grandparent of the party, or the spouse of one (1) of them;
(c) An individual having the same residence as the party;
(d) A trust or estate of which a related party described in subparagraphs (a), (b), or (c) of this subsection is a substantial beneficiary;
(e) A trust, estate, legally incapacitated individual, conservatee, or minor for which the party is a fiduciary; or
(f) A person that directly or indirectly controls, is controlled by, or is under common control with, the party;
(29) “Series trust” means a statutory trust that has one (1) or more series created under
Subchapter 4 of this chapter;
(30) “Sign” means, with the present intent to authenticate or adopt a record: (a) To execute or adopt a tangible symbol; or
(b) To attach to or logically associate with the record an electronic symbol, sound, or process;
(31) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States;
(32) “Statutory trust,” except in the phrase “foreign statutory trust,” means an entity formed under this chapter;
(33) “Surviving organization” means an organization into which one (1) or more other organizations are merged, whether the surviving organization pre-existed the merger or was created by the merger;
(34) “Trust” includes a common-law trust, statutory trust, and foreign statutory trust;
(35) “Trust instrument” means a record other than the certificate of trust which provides for the governance of the affairs of a statutory trust and the conduct of its business. The term includes a trust agreement, a declaration of trust, and bylaws; and
(36) “Trustee” means a person designated, appointed, or elected as a trustee of a statutory trust or foreign statutory trust in accordance with the governing instrument or applicable law.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 2, effective July 12, 2012.