Ky. Rev. Stat. § 386.620

Current through 2024 Ky. Acts ch. 225

Section 386.620 - Definitions for KRS 386.620 to 386.624

As used in KRS 386.620 to 386.624:

(1) "Community property" means property owned by a community property trust during the marriage of the settlor spouses;

(2) "Community property trust" means an express trust that complies with the requirements of KRS 386.622;

(3) "Decree" means a judgment or other order of a court;

(4) "Dissolution" means either:

(a) Termination of a marriage by a decree of dissolution, divorce, annulment, or declaration of invalidity; or

(b) Entry of a decree of legal separation;

(5) "During marriage" means a period that begins at marriage and ends at dissolution or the death of a spouse;

(6) "Qualified trustee" means either:

(a) A natural person who is a resident of this state; or

(b) A bank or trust company authorized to act as a trustee within the state; and

(7) "Settlor spouses" means a married couple that establishes a community property trust.

KRS 386.620

Effective: July 15, 2020
Created 2020 Ky. Acts ch. 25, sec. 1, effective 7/15/2020.