386A.3-050 Duration. (1) A statutory trust has perpetual existence. (2) A statutory trust, or any series thereof, may not be terminated or revoked except in accordance with this chapter or the terms of the governing instrument. (3) A statutory trust does not terminate because the same person is the sole trustee and sole beneficial owner. (4) A series of a statutory trust does not terminate because the same person is the sole trustee and the sole beneficial owner associated with the series. (5) That the same person is the sole trustee and sole beneficial owner of a statutory trust or of a series thereof is not a basis for not applying KRS 386A.3-040(3) or (4). (6) The death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner or of a trustee does not result in the termination or dissolution of the statutory trust or any series with which the beneficial owner or trustee has been associated. Effective: June 25, 2013 History: Amended 2013 Ky. Acts ch. 106, sec. 9, effective June 25, 2013. -- Created 2012 Ky. Acts ch. 81, sec. 20, effective July 12, 2012.
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