Kentucky Statutes 386A.4-090 – Known claims against dissolved series
Current as of: 2024 | Check for updates
|
Other versions
(1) Upon dissolution pursuant to KRS § 386A.4-060(1)(b), (c), (d), or (e), a series of a statutory trust shall dispose of the known claims against the property of or associated with it by following the procedures described in this section.
(2) The series shall notify its known claimants in writing of its dissolution at any time after the effective date of dissolution. The written notice shall:
(a) Identify the series by such name or names as it used in transacting business and the name of the statutory trust;
(b) Describe information that must be included in a claim; (c) Provide a mailing address where a claim may be sent;
(d) State the deadline, which may not be fewer than one hundred twenty (120) days after the date of the written notice, by which the series must receive the claim; and
(e) State that the claim will be barred if not received by the deadline. (3) A claim against a series shall be barred:
(a) If a claimant who is given written notice under subsection (2) of this section does not deliver the claim to the series by the deadline; or
(b) If a claimant whose claim was rejected by the series does not commence a proceeding to enforce the claim within ninety (90) days after the date of the rejection notice.
(4) For purposes of this section, “claim” shall not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 30, effective July 12, 2012.
(2) The series shall notify its known claimants in writing of its dissolution at any time after the effective date of dissolution. The written notice shall:
Terms Used In Kentucky Statutes 386A.4-090
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(a) Identify the series by such name or names as it used in transacting business and the name of the statutory trust;
(b) Describe information that must be included in a claim; (c) Provide a mailing address where a claim may be sent;
(d) State the deadline, which may not be fewer than one hundred twenty (120) days after the date of the written notice, by which the series must receive the claim; and
(e) State that the claim will be barred if not received by the deadline. (3) A claim against a series shall be barred:
(a) If a claimant who is given written notice under subsection (2) of this section does not deliver the claim to the series by the deadline; or
(b) If a claimant whose claim was rejected by the series does not commence a proceeding to enforce the claim within ninety (90) days after the date of the rejection notice.
(4) For purposes of this section, “claim” shall not include a contingent liability or a claim based on an event occurring after the effective date of dissolution.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 30, effective July 12, 2012.