Section 386A.8-040 - Winding up(1) After dissolution, a statutory trust continues its existence as a statutory trust, but may not carry on any activities except as is appropriate to wind up and liquidate its activities and affairs, including: (a) Collecting the assets of the trust;(b) Disposing of the properties of the trust that will not be distributed in kind to beneficial owners of the trust;(c) Discharging or making provision for discharging the liabilities of the trust, including entering into agreements with creditors for the satisfaction thereof;(d) Distributing the remaining property of the trust in accordance with KRS 386A.8-080; and(e) Doing every other act necessary to wind up and liquidate the trust's activities and affairs.(2) In winding up a statutory trust's activities, a trust may: (a) Preserve the trust's activities and property as a going concern for a reasonable time;(b) Prosecute, defend, or settle actions or proceedings whether civil, criminal, or administrative, including by mediation or arbitration; and(c) Transfer the property of the trust.(3) The dissolution of a statutory trust does not:(a) Prevent the commencement of a proceeding by or against the trust in its name;(b) Abate or suspend a proceeding by or against the trust pending on the effective date of dissolution;(c) Transfer title to the trust's property;(d) Terminate the authority of the registered agent of the statutory trust;(e) Abate or suspend KRS 386A.3-040; or(f) Abate or suspend KRS 386A.4-020.Added by 2012 Ky. Acts ch. 81,§ 67, eff. 7/11/2012.