386A.8-080 Application of assets in winding up. (1) Upon the winding up of a statutory trust, the assets of the trust shall be distributed as follows: (a) First, payment or adequate provisions for payment shall be made to creditors, including, to the extent permitted by law, beneficial owners who are creditors in satisfaction of liabilities of the trust; (b) Second, unless otherwise provided in the governing instrument, to beneficial owners in satisfaction of liabilities for distributions declared but unpaid; and (c) Third, unless otherwise provided in the governing instrument, to beneficial owners in proportion to their respective rights to share in distributions from the trust prior to dissolution. (2) Upon the winding up of a series statutory trust, the assets of or associated with a series shall be distributed in accordance with KRS 386A.4-110. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 81, sec. 71, effective July 12, 2012.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
