9-2324 Technology-enabled fiduciary financial institutions development and expansion fund; administration by secretary of commerce; purpose; interest earnings.
9-2324. Technology-enabled fiduciary financial institutions development and expansion fund; administration by secretary of commerce; purpose; interest earnings. (a) There is hereby established in the state treasury the technology-enabled fiduciary financial institutions development and expansion fund to be administered by the secretary of commerce. Expenditures from the fund shall be for the purposes of distributing to […]
9-2325 Pilot program; requirements; fees; distributions; report to certain committees of the legislature.
9-2325. Pilot program; requirements; fees; distributions; report to certain committees of the legislature. (a) On July 1, 2021, the commissioner shall: (1) Grant a conditional fiduciary financial institution charter to the Beneficient company upon the Beneficient company: (A) Filing an application with the commissioner; (B) satisfying the requirements of K.S.A. 2021 Supp. 9-2302(c)(1) through (5), […]
9-2326 Trust interest not void or invalid by any common law rule.
9-2326. Trust interest not void or invalid by any common law rule. Notwithstanding the provisions of K.S.A. 59-3401, and amendments thereto, no interest held in a fidfin trust shall be void or invalid by reason of any common law rule, including, but not limited to, the rule against perpetuities or rule limiting the duration of […]
9-2327 Tax classification as determined under the federal internal revenue code.
9-2327. Tax classification as determined under the federal internal revenue code. Notwithstanding the provisions of K.S.A. 17-2035, and amendments thereto, for purposes of any tax imposed by the state or any instrumentality, agency or political subdivision of this state, a business trust that is used in connection with fidfin transactions or custodial services, as defined […]
9-2316 Trust advisor; presumed fiduciary; jurisdiction; appointment.
9-2316. Trust advisor; presumed fiduciary; jurisdiction; appointment. (a) A trust advisor shall be presumed to be a fiduciary when exercising such trust advisor’s authority under this act. (b) By accepting an appointment to serve as a trust advisor of a fidfin trust or an alternative asset custody account that is subject to the laws of […]
9-2317 Entity as trust advisor; requirements.
9-2317. Entity as trust advisor; requirements. (a) If an entity is appointed as a trust advisor, the provisions of article 8 of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, shall not apply to such entity, if the entity: (1) Is established for the exclusive purpose of acting as a trust advisor; (2) […]
9-2318 Indemnification of trust advisor; exceptions.
9-2318. Indemnification of trust advisor; exceptions. An instrument may relieve and indemnify a trust advisor and a fiduciary financial institution that serves as trustee of a fidfin trust or alternative asset custody account from liability for a breach of fiduciary duty if any such provision is unenforceable to the extent that it relieves the trust […]
9-2319 Trustee compensation.
9-2319. Trustee compensation. (a) Notwithstanding the provisions of K.S.A. 58a-708, and amendments thereto, if the terms of a fidfin trust specify the trustee’s compensation, such trustee is entitled to be compensated as provided in such terms, except that compensation may be increased or decreased upon approval by the trustee and by unanimous consent of the […]
9-2320 Privacy; protection in court proceedings; exception.
9-2320. Privacy; protection in court proceedings; exception. The privacy of those who have established a fidfin trust or alternative asset custody account shall be protected in any court proceeding concerning such trust if the acting trustee, custodian, trustor or any beneficiary so petition the court. Upon the filing of such a petition, the instrument, inventory, […]
9-2321 Forms; definition; request for review; review not approval or endorsement.
9-2321. Forms; definition; request for review; review not approval or endorsement. (a) For purposes of this section, “form” includes: (1) An instrument as defined in K.S.A. 2021 Supp. 9-2301, and amendments thereto; (2) a transaction agreement between a fiduciary financial institution and a fidfin trust; (3) any other documents executed by a fiduciary financial institution […]