353.230 Petition for court approval -- Affidavits -- Guardian ad litem -- Order of

310 words·~1 min read·/ky/353-230

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

approval.

(1)Upon the execution of such a consolidation agreement, the trustee shall file with the

clerk of the Circuit Court in the county in which the land covered by the lease to be

consolidated hereunder, or the greater portion thereof, lies a petition for an order

approving such consolidation agreement setting forth a copy of the consolidation

agreement and a statement of facts constituting the grounds relied upon to secure

the approval of such agreement, and shall submit with the petition the affidavits of

not less than three

(3)disinterested owners of real estate in the county wherein the

proceedings hereunder are brought, as to whether such agreement will be

advantageous or beneficial to the beneficiaries for whom such trustee is acting,

which affidavits shall be filed and preserved as records of the Circuit Court.

(2)No agreement permitted by KRS 353.210 to 353.230 shall be valid or effective until

the judge of said court appoints a guardian ad litem to represent the beneficiaries for

whom such trustee is acting and whose interests are sought to be consolidated

hereunder. The guardian ad litem shall file an answer and the affidavits of at least

three

(3)witnesses, proving the advantages or disadvantages of such agreement, and

shall make such recommendation to the judge relating to the agreement as he

believes to be most beneficial to the persons on whose behalf he is acting. He shall

receive for his services a reasonable compensation, to be allowed by the judge and

taxed as costs.

(3)The judge shall proceed in a summary manner to approve or disapprove the

consolidation agreement, and if he approves it he shall endorse his approval

thereon. The order of the judge approving such agreement shall be entered on the

civil order book of the circuit clerk's office of the county in which the proceedings

hereunder are brought.