Sec. 34-506. Name of statutory trust. Reservation of name.
Sec. 34-506. Name of statutory trust. Reservation of name. (a) The name of
each statutory trust as set forth in its certificate of trust shall be such as to distinguish
it upon the records of the office of the Secretary of the State from: (1) The name of any
corporation, limited partnership, limited liability company, limited liability partnership
or statutory trust existing under the laws of this state; (2) the name of any foreign corporation, limited partnership, limited liability company, limited liability partnership or statutory trust authorized to transact business in this state; or (3) any name reserved under
subsection (d) of this section or under section 33-656, 33-657, 34-13, 34-13a, 34-102,
34-103, 34-406 or 34-407.
(b) The name of each statutory trust as set forth in its certificate of trust may contain
the name of a beneficial owner, a trustee or any other person.
(c) The name of each statutory trust as set forth in its certificate of trust shall contain
one or more of the following words or abbreviations: "Statutory Trust", "Limited Liability Trust", "Limited", "LLT", "L.L.T.", or "Ltd.".
(d) The exclusive right to the use of a name may be reserved by: (1) Any person
intending to organize a statutory trust and to adopt that name; (2) any statutory trust
intending to register in this state and to adopt that name; (3) any foreign statutory trust
intending to register in this state and to adopt that name; or (4) any person intending to
organize a foreign statutory trust and to have it register in this state and to adopt that
name.
(e) The reservation shall be made by filing with the Secretary of the State an application, executed by the applicant, together with the applicable fee. If the office of the
Secretary of the State finds that the name is available for use by a domestic or foreign
statutory trust, it shall reserve the name for the exclusive use of the applicant for a period
of one hundred twenty days counting the date of such filing as the first day of the one
hundred twenty days. The holder of a reserved statutory trust name may renew the
reservation for successive periods of one hundred twenty days each from the date of
such renewal. The right to the exclusive use of a reserved name may be transferred to
any other person by filing with the office of the Secretary of the State a notice of the
transfer, executed by the applicant for whom the name was reserved, specifying the
name to be transferred and the name and address of the transferee. The transfer shall
not extend the term during which the name is reserved. Any person for whom a specified
statutory trust name has been reserved, or a transferee of such person, may, during the
period for which such name is reserved, terminate such reservation by filing with the
office of the Secretary of the State an application for cancellation of reservation of
statutory trust name, executed by the applicant, together with the applicable fee.
(f) A fee as set forth in subdivision (1) of subsection (a) of section 34-509 shall be
paid at the time of the initial reservation of any name, at the time of the renewal of any
such reservation and at the time of the filing of a notice of the transfer or cancellation
of any such reservation.
(P.A. 96-271, S. 234, 254; P.A. 98-137, S. 20, 62; 98-219, S. 33, 34; P.A. 00-196, S. 21.)
History: P.A. 96-271 effective October 1, 1997; P.A. 98-137 amended Subsec. (c) to delete "ST" and "S.T." as authorized
designations, effective July 1, 1998; P.A. 98-219 revised effective date of P.A. 98-137, but without affecting this section;
P.A. 00-196 added "or abbreviations" in Subsec. (c).