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House Bill 341

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Last Action signed by Governor (Acts ch. 81)
Title AN ACT relating to business organizations.
Bill Documents Bill
Bill Request Number 1066
Sponsors T. Kerr, J. Crenshaw, J. Tilley
Summary of Original Version Create KRS Chapter 386A and establish within it the Kentucky Uniform Statutory Trust Act to codify provisions for the use of the business trust as an allowable form of business organization in the Commonwealth, with various sections addressing definitions, general provisions, formation, certificates of trust and other filings, legal process, governing law, authority, duration, powers, series trusts, trustees and trust management, beneficiaries and beneficial rights, conversion and merger, dissolution and winding up, foreign statutory trusts, and other transitional and miscellaneous provisions; amend various other business entity statutes to enable an LLC to convert directly into an LLP; require a foreign business entity to be qualified to do business in Kentucky before receiving a state contract; provide express statutory direction that any director, officer, manager, etc., of a Kentucky business entity is subject to the jurisdiction of Kentucky courts; provide express statutory direction that a business may properly enter into agreements to settle creditor claims in the course of its dissolution; prevent the inadvertent loss of limited liability after the dissolution of partnership having limited liability attributes; provide that a corporation or LLC’s sole shareholder or member status is insufficient standing alone to pierce the veil of the entity; provide uniformity for judicial dissolution procedures across various forms of business entities; codify the common law rule that “fairness” is not a defense to expropriating a partnership or LLC asset; amend various other sections to conform.
Index Headings of Original Version Partnerships - Business entities, miscellaneous provisions relating to
Partnerships - Business trusts, formation and governance of
Secretary of State - Business entities, miscellaneous provisions relating to
Secretary of State - Business trusts, formation and governance of
Trade Practices and Retailing - Business entities, miscellaneous provisions relating to
Trade Practices and Retailing - Business trusts, formation and governance of
Civil Actions - Business entities, miscellaneous provisions relating to
Civil Actions - Business trusts, formation and governance of
Civil Procedure - Business entities, miscellaneous provisions relating to
Civil Procedure - Business trusts, formation and governance of
Commerce - Business entities, miscellaneous provisions relating to
Commerce - Business trusts, formation and governance of
Corporations - Business entities, miscellaneous provisions relating to
Corporations - Business trusts, formation and governance of
Votes Vote History

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01/30/12
  • introduced in House
01/31/12
  • to Judiciary (H)
02/21/12
  • posting waived
02/22/12
  • reported favorably, 1st reading, to Consent Calendar
02/23/12
  • 2nd reading, to Rules
  • posted for passage in the Consent Orders of the Day for Friday, February 24, 2012
02/24/12
  • 3rd reading, passed 94-0
02/27/12
  • received in Senate
02/29/12
  • to Judiciary (S)
03/22/12
  • reported favorably, 1st reading, to Consent Calendar
03/23/12
  • 2nd reading, to Rules
03/26/12
  • posted for passage in the Consent Orders of the Day for Monday, March 26, 2012
  • 3rd reading, passed 36-0
03/27/12
  • received in House
  • enrolled, signed by Speaker of the House
03/30/12
  • enrolled, signed by President of the Senate
  • delivered to Governor
04/11/12
  • signed by Governor (Acts ch. 81)


Last updated: 8/27/2019 8:05 PM (EDT)