Kentucky Statutes 390.380 – Application to existing relationships
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(1) Except as otherwise provided in this chapter, on and after July 15, 2020:
(a) This chapter applies to a power of appointment created before, on, or after
July 15, 2020;
(b) This chapter applies to a judicial proceeding concerning a power of appointment commenced on or after July 15, 2020;
(c) This chapter applies to a judicial proceeding concerning a power of appointment commenced before July 15, 2020, unless the court finds that application of a particular provision of this chapter would substantially interfere with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision of this chapter does not apply and the superseded law applies;
(d) A rule of construction or presumption provided in this chapter applies to an instrument executed before July 15, 2020, unless there is a clear indication of a contrary intent in the terms of the instrument; and
(e) An act done before July 15, 2020, is not affected by this chapter.
(2) If a right is acquired, extinguished, or barred on the expiration of a prescribed period that commenced under law of the Commonwealth other than this chapter, before July 15, 2020, the law continues to apply to the right.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 36, effective July 15, 2020.
(a) This chapter applies to a power of appointment created before, on, or after
Terms Used In Kentucky Statutes 390.380
- Instrument: means a writing. See Kentucky Statutes 390.020
- Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Kentucky Statutes 390.020
- Terms of the instrument: means the manifestation of the intent of the maker of the instrument regarding the instrument's provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding. See Kentucky Statutes 390.020
July 15, 2020;
(b) This chapter applies to a judicial proceeding concerning a power of appointment commenced on or after July 15, 2020;
(c) This chapter applies to a judicial proceeding concerning a power of appointment commenced before July 15, 2020, unless the court finds that application of a particular provision of this chapter would substantially interfere with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision of this chapter does not apply and the superseded law applies;
(d) A rule of construction or presumption provided in this chapter applies to an instrument executed before July 15, 2020, unless there is a clear indication of a contrary intent in the terms of the instrument; and
(e) An act done before July 15, 2020, is not affected by this chapter.
(2) If a right is acquired, extinguished, or barred on the expiration of a prescribed period that commenced under law of the Commonwealth other than this chapter, before July 15, 2020, the law continues to apply to the right.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 36, effective July 15, 2020.