Public-domain · open source
OpenJurist

KRS 386B.7-090

Reimbursement of expenses

Known as the Uniform Trust Code

The act spans §§ 386B.10-010 to 386B.9-010 (95 sections).

Effective: July 15, 2014 History: Created 2014 Ky

(1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:

(a) Expenses that were properly incurred in the administration of the trust; and (b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.

(2) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.