Summary of Original VersionAmend KRS 386B.1-010 to add definitions; create new sections of Subchapter 5 of KRS Chapter 386B to permit the establishment of spendthrift trusts; establish rules for spendthrift trusts; amend KRS 386B.1-030, 386B.4-110, 386.175, 390.320, 394.035, and 394.640 to conform; repeal KRS 386B.5-010 to 386B.5-060.
Summary of Amendment: House Committee Substitute 1Summary
Retain original provisions; make technical corrections.
Summary of Amendment: House Floor Amendment 1 -- M. LockettSummary
Retain original provisions, except provide that the standard of proof is a preponderance of the evidence; a perfected security interest on a spendthrift trust property shall be enforceable against the trust; provide time limits for claims of creditors against a settlor.
Summary of Amendment: Senate Floor Amendment 1 -- J. TurnerSummary
Retain original provisions, except provide that the creator of a spendthrift trust shall not be prevented, by will or other writing, from making other or different provisions using express, specific language to that end.
Statutes affected: Introduced: 386.175, 390.320, 394.035, 394.640
House Committee Substitute 1: 386.175, 390.320, 394.035, 394.640
Current/Final: 386.175, 390.320, 394.035, 394.640
Current: 386.175, 390.320, 394.035, 394.640