386.620 Definitions for KRS 386.620 to 386.624. As used in KRS 386.620 to 386.624: (1) 'Community property' means property owned by a community property trust during the marriage of the settlor spouses; (2) 'Community property trust' means an express trust that complies with the requirements of KRS 386. 622; (3) 'Decree' means a judgment or other order of a court; (4) 'Dissolution' means either: (a) Termination of a marriage by a decree of dissolution, divorce, annulment, or declaration of invalidity; or (b) Entry of a decree of legal separation; (5) 'Dur ing marriage' means a period that begins at marriage and ends at dissolution or the death of a spouse; (6) 'Qualified trustee' means either: (a) A natural person who is a resident of this state; or (b) A bank or trust company authorized to act as a trustee within the state; and (7) 'Settlor spouses' means a married couple that establishes a community property trust. Effective: July 15, 2020 History: Created 2020 Ky. Acts ch. 25, sec. 1, effective July 15, 2020.
Kentucky Legal Code