1. (1) After dissolution, a statutory trust continues its existence as a statutory trust, but may not carry on any activities except as is appropriate to wind up and liquidate its activities and affairs, including:

   1. (a) Collecting the assets of the trust;
   2. (b) Disposing of the properties of the trust that will not be distributed in kind to beneficial owners of the trust;
   3. (c) Discharging or making provision for discharging the liabilities of the trust, including entering into agreements with creditors for the satisfaction thereof;
   4. (d) Distributing the remaining property of the trust in accordance with KRS 386A.8-080; and
   5. (e) Doing every other act necessary to wind up and liquidate the trust's activities and affairs.

2. (2) In winding up a statutory trust's activities, a trust may:

   1. (a) Preserve the trust's activities and property as a going concern for a reasonable time;
   2. (b) Prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative, including by mediation or arbitration; and
   3. (c) Transfer the property of the trust.

3. (3) The dissolution of a statutory trust does not:

   1. (a) Prevent the commencement of a proceeding by or against the trust in its name;
   2. (b) Abate or suspend a proceeding by or against the trust pending on the effective date of dissolution;
   3. (c) Transfer title to the trust's property;
   4. (d) Terminate the authority of the registered agent of the statutory trust;
   5. (e) Abate or suspend KRS 386A.3-040; or
   6. (f) Abate or suspend KRS 386A.4-020.

Effective: July 12, 2012

History: Created 2012 Ky. Acts ch. 81, sec. 67, effective July 12, 2012.