08RS SB153
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SB153

08RS

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.


SB 153 (BR 1790) - B. Leeper

     AN ACT relating to investment services trusts and declaring an emergency.
     Create new section of KRS Chapter 386 to define terms relating to establishing an investment services trust; establish requirements for a qualified affidavit to establish an investment services trust; establish protection of the trust corpus from creditors' claims or an action to enforce a judgment entered by a court or other body having adjudicative authority; provide that any authority over the trust corpus retained by the transferor shall be void; provide the terms for avoidance of a qualified disposition and provide that if a qualified trustee acted in good faith he shall have a paramount lien against the property, and provide that if a beneficiary has not acted in bad faith, avoidance of the qualified disposition shall be subject to the right of the beneficiary; provide that a spendthrift provision is deemed to be a restriction on transfer of the transferor's beneficial interest; authorize a transferor to appoint one or more advisors regarding authority over the trust and for the trust investments; provide that a transferor may serve as an investment advisor but may not serve as advisor to a trust; provide that if an investment services trust fails to meet the requirements of this Act and the trustee fails to meet the requirements, a successor trustee shall become the trustee, or a court shall appoint a successor qualified trustee; provide that an investment services trust shall not be deemed revocable for inclusion of specified terms within the trust; provide that the Act may be cited as the "Kentucky Investment Services Act"; and, EFFECTIVE July 1, 2008; EMERGENCY.

     Feb 13-introduced in Senate
     Feb 15-to Judiciary (S)


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