Section 273A.130 - Winding up and terminationWinding up and termination of an unincorporated nonprofit association shall proceed in accordance with the following rules:
(1) All known debts and liabilities shall be paid or adequately provided for;(2) Any property subject to a condition requiring return to the person designated by the donor shall be transferred to that person;(3) Any property subject to a trust shall be distributed in accordance with the trust agreement; and(4) Any remaining property shall be distributed as follows: (a) As required by law other than this chapter that requires assets of an association to be distributed to another person with similar nonprofit purposes;(b) In accordance with the association's governing principles or, in the absence of applicable governing principles, to the members of the association per capita or as the members direct; or(c) If neither paragraph (a) nor (b) of this subsection applies, as directed by the appropriate court.Added by 2015 Ky. Acts ch. 34,§ 37, eff. 6/22/2015.