Sec. 34-502. Authorization of statutory trust. Applicability to common law business trusts. Governing law.
Sec. 34-502. Authorization of statutory trust. Applicability to common law
business trusts. Governing law. (a) A statutory trust is hereby declared to be a permitted
form of association for the conduct of business in this state, provided the provisions of
sections 34-500 to 34-547, inclusive, are complied with, except that nothing contained
in said sections shall be construed to limit, prohibit or invalidate the existence, acts or
obligations of any common law business trust created or doing business in this state
before or after October 1, 1997. Common law business trusts created before or after
October 1, 1997, may elect to be governed by the provisions of said sections upon the
filing of a certificate of trust, provided, a common law business trust created before
October 1, 1997, shall not be governed by the provisions of said sections to the extent
of any inconsistent provisions contained in its governing instrument and not thereafter
modified by amendment.
(b) The laws of this state shall govern the organization and internal affairs of all
domestic statutory trusts.
(P.A. 96-271, S. 220, 254.)
History: P.A. 96-271 effective October 1, 1997.