History: L. 2002, ch. 133, § 89; Jan. 1, 2003.
History: L. 2002, ch. 133, § 90; Jan. 1, 2003.
History: L. 2002, ch. 133, § 91; Jan. 1, 2003.
(1) This act applies to all trusts created before, on, or after its effective date;
(2) this act applies to all judicial proceedings concerning trusts commenced on or after its effective date;
(3) this act applies to judicial proceedings concerning trusts commenced before its effective date unless the court finds that application of a particular provision of this act would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this act does not apply and the superseded law applies;
(4) any rule of construction or presumption provided in this act applies to trust instruments executed before the effective date of the act unless there is a clear indication of a contrary intent in the terms of the trust; and
(5) an act done before the effective date of the act is not affected by this act.
(b) If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before the effective date of the act, that statute continues to apply to the right even if it has been repealed or superseded.
History: L. 2002, ch. 133, § 92; Jan. 1, 2003.
(b) Upon the transfer taking effect: (1) The trustee shall be deemed to be insured; and
(2) the insurance coverage for such trust shall be subject to the defenses which the insurance company has under the policy against the original named insured.
(c) If the settlor is a beneficiary of such trust at the time of the transfer, the transfer of such property into such trust shall not: (1) Affect any homestead exemption or redemption rights; or
(2) cause a due on sale or similar clause to be effective under a mortgage or security interest.
(d) This section shall be a part of and supplemental to the Kansas uniform trust code.
History: L. 2004, ch. 158, § 15; July 1.