Thursday, April 12, 2012
New Business Entity Laws in Kentucky
Governor Beshear Signs 2012 H.B. 341,
Amending and Updating Kentucky’s Business Entity Laws
On April 11, 2012, Governor Beshear signed 2012 H.B. 341. This legislation, which passed from both the House and the Senate on unanimous votes (receiving unanimous votes as well in the House and Senate Judiciary Committees), enacts:
· The Kentucky Uniform Statutory Trust Act (2012); and
· A variety of amendments to Kentucky’s business entity statutes.
Kentucky is the first state (sorry, the District of Columbia simply does not count) to have enact the Uniform Statutory Trust Act. That Kentucky enactment, however, contains a number of departures from the uniform act.