Tuesday, July 16, 2013
Thomas E. Rutledge (Stoll Keenon Ogden PLLC) recently published an article entitled, The Kentucky Uniform Statutory Trust Act (2012): A Review, 40 N. Ky. L. Rev. 93 (2013). Provided below is the beginning of his article:
As a further component of the continuing effort to insure that Kentucky has the most up-to-date business entity statutes, the 2012 General Assembly approved an enactment of the Uniform Statutory Trust Entity Act (USTA), a product of the National Conference of Commissioners of Uniform State Laws (NCCUSL) approved by that body in 2009.
With this enactment, Kentucky moves to the forefront of states having modern statutory trust laws, it being the first state to enact the USTA. Still, even as the overall structure of USTA has been adopted in Kentucky, significant departures from the Uniform Act have been incorporated into the Kentucky law (KyUSTA). These departures have been dictated by either the desire for greater specificity in the wording employed, by the need to conform to the Kentucky Business Entity Filing Act (KyBEFA) or, in several instances, substantive policy determinations at odds with those made by NCCUSL.