Kentucky Statutes > Chapter 386 – Administration of Trusts — Legal Investments — Uniform Principal and Income Act

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Terms Used In Kentucky Statutes > Chapter 386 - Administration of Trusts -- Legal Investments -- Uniform Principal and Income Act

• Action : includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• Affidavit : A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment : A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization : Paying off a loan by regular installments.
• Annuity : A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets : (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment : A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney : means attorney-at-law. See Kentucky Statutes 446.010
• Bankruptcy : Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary : A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
• Business trust : includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
• Certified mail : means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
  (a) Sending the document or package. See Kentucky Statutes 446.010
• Common law : The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company : may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Continuance : Putting off of a hearing ot trial until a later time.
• Contract : A legal written agreement that becomes binding when signed.
• Corporation : may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Corporation : A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages : Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent : A deceased person.
• Deed : The legal instrument used to transfer title in real property from one person to another.
• Directors : when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
• Domestic : when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
• Donor : The person who makes a gift.
• Evidence : Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor : A male person named in a will to carry out the decedent
• Fair market value : The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal : refers to the United States. See Kentucky Statutes 446.010
• Federal Deposit Insurance Corporation : A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
• Fiduciary : A trustee, executor, or administrator.
• Foreign : when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
• Fraud : Intentional deception resulting in injury to another.
• Gift : A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian : A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Interest rate : The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
• Irrevocable trust : A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Jurisdiction : (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease : A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
• Legatee : A beneficiary of a decedent
• Liabilities : The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Marital deduction : The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Month : means calendar month. See Kentucky Statutes 446.010
• Mortgage : The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee : The person to whom property is mortgaged and who has loaned the money.
• National Bank : A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
• Obligation : An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Owner : when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
• Partnership : A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Partnership : includes both general and limited partnerships. See Kentucky Statutes 446.010
• Personal estate : includes chattels, real and other estate that passes to the personal representative upon the owner dying intestate. See Kentucky Statutes 446.010
• Personal property : All property that is not real property.
• real estate : includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
• Real property : Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder : An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement : Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State : when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• Statute : A law passed by a legislature.
• Testator : A male person who leaves a will at death.
• Trustee : A person or institution holding and administering property in trust.
• Trustor : The person who makes or creates a trust. Also known as the grantor or settlor.
• Venue : The geographical location in which a case is tried.
• Violate : includes failure to comply with. See Kentucky Statutes 446.010
• Year : means calendar year. See Kentucky Statutes 446.010