386A.8 -040 Winding up. (1) After dissolution, a statutory trust continues its existence as a statutory trust, but may not carry on any activities except as is appropriate to wind up and liquidate its activities and affairs, including: (a) Collecting the assets of the trust; (b) Disp osing of the properties of the trust that will not be distributed in kind to beneficial owners of the trust; (c) Discharging or making provision for discharging the liabilities of the trust, including entering into agreements with creditors for the satisfa ction thereof; (d) Distributing the remaining property of the trust in accordance with KRS 386A.8 -080; and (e) Doing every other act necessary to wind up and liquidate the trust's activities and affairs. (2) In winding up a statutory trust's activities, a trust may: (a) Preserve the trust's activities and property as a going concern for a reasonable time; (b) Prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative, including by mediation or arbitration; and (c) Transfe r the property of the trust. (3) The dissolution of a statutory trust does not: (a) Prevent the commencement of a proceeding by or against the , including by mediation or arbitration; and (c) Transfe r the property of the trust. (3) The dissolution of a statutory trust does not: (a) Prevent the commencement of a proceeding by or against the trust in its name; (b) Abate or suspend a proceeding by or against the trust pending on the effective date of dis solution; (c) Transfer title to the trust's property; (d) Terminate the authority of the registered agent of the statutory trust; (e) Abate or suspend KRS 386A.3 -040; or (f) Abate or suspend KRS 386A.4 -020. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 81, sec. 67, effective July 12, 2012.
Kentucky Legal Code