Kentucky Statutes 386A.6-070 – Transaction with beneficial owner
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Subject to KRS § 386A.5-070, a beneficial owner may lend money to, borrow money from, act as a surety, guarantor, or endorser for, guarantee or assume an obligation of, provide collateral for, or do other business with the statutory trust and, subject to law other than this chapter, has the same rights and obligations with respect to those matters as a person that is not a beneficial owner.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 51, effective July 12, 2012.
Effective: July 12, 2012
Terms Used In Kentucky Statutes 386A.6-070
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
History: Created 2012 Ky. Acts ch. 81, sec. 51, effective July 12, 2012.