Kentucky Statutes 395A.050 – Terms-of-service agreement
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(1) This chapter does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user.
(2) This chapter does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or represents.
(3) A fiduciary’s or designated recipient’s access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under KRS § 395A.040.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 63, sec. 4, effective July 15, 2020.
(2) This chapter does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or represents.
Terms Used In Kentucky Statutes 395A.050
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Custodian: means a person that carries, maintains, processes, receives, or stores a digital asset of a user. See Kentucky Statutes 395A.020
- Designated recipient: means a person chosen by a user using an online tool to administer digital assets of the user. See Kentucky Statutes 395A.020
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means an original, additional, or successor personal representative, conservator, agent, or trustee. See Kentucky Statutes 395A.020
- User: means a person that has an account with a custodian. See Kentucky Statutes 395A.020
(3) A fiduciary’s or designated recipient’s access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under KRS § 395A.040.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 63, sec. 4, effective July 15, 2020.