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Uniform Trust Code

Kentucky · Uniform Trust Code · §§ 386B.10-010 to 386B.9-010 · 95 sections

Overview

This act provides a general statutory framework for the creation, administration, and enforcement of trusts, setting out default rules that yield to the terms of the trust alongside a narrower set of mandatory rules that cannot be overridden, with the common law of trusts and principles of equity continuing to supplement it. It covers such matters as governing law and the principal place of administration, notice to beneficiaries and who is entitled to receive it, rules of construction, and the recognition of resulting and constructive trusts. It also governs the consequences of a trustee's conduct — remedies and damages for breach of trust, attorney fees, time limits on actions against a trustee, exculpation clauses and beneficiary consent or release, limits on a trustee's personal liability to third parties, and protection for those who deal with a trustee in reliance on a certification of trust — while allowing interested parties to resolve certain questions among themselves through nonjudicial settlement agreements rather than in court.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 22 court decisions.

Most-cited authority: 865 F.3d 417 - Osborn v. Griffin

Sections covered

Enacted in other states

Alabama, Colorado, Connecticut, District of Columbia, Hawaii, Massachusetts, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Jersey, New Mexico, Oklahoma, Oregon, Tennessee, West Virginia, Wyoming

All Kentucky named statutes →

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