AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION, AND DISSOLUTION OF STATUTORY TRUSTS.

Summary

The bill changes Delaware’s statutory trust code so that a subscription for a trust interest can be declared irrevocable, and officers or managers are generally shielded from personal liability. It also clarifies that a beneficiary’s interest is personal property and adds rules for how a trust’s governing document can be amended and how void or voidable actions can be ratified. These changes affect trustees, officers, and owners of Delaware statutory trusts.

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