386.170 Nonresident trustee for personal property of nonresident beneficiary --
247 words·~1 min read·
/ky/386-170A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Power to act in this state.
(1)Where the beneficial owner of personal estate, held and controlled for his benefit or
the benefit of his children or heirs by a trustee, is a nonresident of this state and has
no trustee in this state, his trustee, appointed and qualified according to the laws of
the place where the person resides, may collect, receive and remove to such place of
residence any personal estate of the person or cestui que trust located in this state.
(2)Upon application by petition in a summary way, the Circuit Court having
jurisdiction may authorize the foreign trustee to sue for, recover and remove any
such personal estate of the nonresident cestui que trust, or to otherwise act as a
trustee appointed in this state.
(3)The court shall not grant the petition or authorize the collection or removal of such
property unless it is satisfied by documentary evidence that the foreign trustee has,
where he qualified, given bond with good and sufficient surety to account for all the
estate of the nonresident cestui que trust that might come to his hands, nor unless
the court is satisfied that neither the nonresident cestui que trust nor any person
having a present, future or contingent interest in the personal estate will be
prejudiced by the order.
(4)The venue for such action shall lie in the county where there is jurisdiction in the
District Court to appoint a trustee for the nonresident person.