Terms Used In Kentucky Statutes > Chapter 386B > Subchapter 1 - General Provisions and Definitions

• Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• Animal: includes every warm-blooded living creature except a human being. See Kentucky Statutes 446.010
• Attorney: means attorney-at-law. See Kentucky Statutes 446.010
• 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}
• Beneficiary: means a person that:
  (a) Has a present or future beneficial interest in a trust, vested or contingent. See Kentucky Statutes 386B.1-010
• Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
• Charitable trust: means a trust, or part of a trust, established for a charitable purpose as described in KRS §. See Kentucky Statutes 386B.1-010
• City: includes town. See Kentucky Statutes 446.010
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal: refers to the United States. See Kentucky Statutes 446.010
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Kentucky Statutes 386B.1-010
• 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
• Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
• Personal property: All property that is not real property.
• Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlor: means a person, including a testator, who creates or contributes property to a trust. See Kentucky Statutes 386B.1-010
• Spendthrift provision: means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary's interest. See Kentucky Statutes 386B.1-010
• 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. See Kentucky Statutes 386B.1-010
• State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• Statute: A law passed by a legislature.
• Terms of a trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Kentucky Statutes 386B.1-010
• Testator: A male person who leaves a will at death.
• Treatment: when used in a criminal justice context, means targeted interventions
  that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
• Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
• Trust instrument: means an instrument signed by the settlor that contains terms of the trust, including any amendments thereto. See Kentucky Statutes 386B.1-010
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
• Venue: The geographical location in which a case is tried.
• Violate: includes failure to comply with. See Kentucky Statutes 446.010
• Year: means calendar year. See Kentucky Statutes 446.010