D R A F T
FOR DISCUSSION ONLY
UNIFORM STATUTORY TRUST ENTITY ACT
NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS
MEETING IN ITS ONE-HUNDRED-AND-SEVENTEENTH YEAR
BIG SKY, MONTANA
JULY 18 - JULY 25,
2008
UNIFORM STATUTORY TRUST ENTITY ACT
WITH PREFATORY NOTE AND PRELIMINARY COMMENTS
Copyright 82008
By
NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS
The ideas and conclusions
set forth in this draft, including the proposed statutory language and any
comments or reporter=s notes, have not been passed upon by the National
Conference of Commissioners on Uniform State Laws or the Drafting
Committee. They do not necessarily
reflect the views of the Conference and its Commissioners and the Drafting
Committee and its Members and Reporter.
Proposed statutory language may not be used to ascertain the intent or
meaning of any promulgated final statutory proposal.
DRAFTING COMMITTEE ON UNIFORM STATUTORY TRUST ENTITY ACT
The Committee appointed by and
representing the National Conference of Commissioners on Uniform State Laws in
preparing this Act consists of the following individuals:
JUSTIN L. VIGDOR, 2400 Chase Square, Rochester, NY 14604, Chair
THOMAS J. BUITEWEG, 200 Renaissance Ct., Mail Code 482-B09-B11, P.O. Box 200, Detroit, MI 48265-2000
ANN E. CONAWAY, Widener University School of Law, 4601 Concord Pike, Wilmington, DE 19803
LANI LIU EWART, 1099 Alakea St., Suite 1800, Honolulu, HI 96813
THOMAS L. JONES, University of Alabama School of Law, P.O. Box 865557, Tuscaloosa, AL 35486‑0050
DIMITRI G. KARCAZES, 55 E. Monroe St., Suite 3300, Chicago, IL 60603
JOHN H. LANGBEIN, Yale Law School, P.O. Box 208215, New Haven, CT 06520-8215
L. GENE LEMON, 1136 W. Butler Dr., Phoenix, AZ 85021‑4428
HARRY M. WALSH, 456 Summit Ave. #206, St. Paul, MN 55102
ROBERT H. SITKOFF, Harvard Law School, 1575 Massachusetts Ave., Cambridge, MA 02138, Reporter
EX OFFICIO
MARTHA LEE
WALTERS, Oregon Supreme Court, 1163 State St., Salem, OR 97301-2563, President
ANNE L. MCGIHON, 837 Sherman St., Denver, CO 80203, Division Chair
AMERICAN BAR ASSOCIATION ADVISOR
ELLISA OPSTBAUM HABBART, 300 Martin Luther King Blvd., Suite 200, Wilmington, DE 19801, ABA Advisor
WILLIAM H. CLARK, JR., One Logan Square, 18th and Cherry Streets, Philadelphia, PA 19103-6996, ABA Section Advisor
THOMAS E. RUTLEDGE, 2000 PNC Plaza, 500 W. Jefferson St., Louisville, KY 40202-2874, ABA Section Advisor
EXECUTIVE DIRECTOR
JOHN A. SEBERT, 111 N. Wabash Ave., Suite 1010, Chicago, IL 60602, Executive Director
Copies of this Act may be obtained from:
NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS
111 N. Wabash Ave., Suite 1010
Chicago, Illinois 60602
312/450-6600
www.nccusl.org
UNIFORM STATUTORY
TRUST ENTITY ACT
TABLE OF CONTENTS
SECTION 103.
DEFAULT AND MANDATORY RULES.
SECTION 104. SCOPE
OF GOVERNING INSTRUMENT
SECTION 105.
APPLICABILITY OF TRUST LAW
SECTION 106. RULES
OF CONSTRUCTION
FORMATION;
CERTIFICATE OF TRUST AND OTHER FILINGS; PROCESS
SECTION 201.
CERTIFICATE OF TRUST
SECTION 202.
AMENDMENT OR RESTATEMENT OF CERTIFICATE OF TRUST
SECTION 203.
SIGNING OF RECORDS
SECTION 204.
DELIVERY TO AND FILING OF RECORDS BY [SECRETARY OF STATE]; EFFECTIVE
TIME AND DATE
SECTION 205.
CORRECTING FILED RECORD
SECTION 206.
CERTIFICATE OF GOOD STANDING
SECTION 207. NAME
OF STATUTORY TRUST
SECTION 208.
RESERVATION OF NAME
SECTION 209. AGENT
FOR SERVICE OF PROCESS
SECTION 210. CHANGE
OF DESIGNATED OFFICE OR AGENT FOR SERVICE OF PROCESS
SECTION 211.
RESIGNATION OF AGENT FOR SERVICE OF PROCESS
SECTION 212.
SERVICE OF PROCESS
SECTION 213.
ANNUAL REPORT FOR [SECRETARY OF STATE].
AUTHORIZATION;
GOVERNING LAW; DURATION; POWERS
SECTION 301.
STATUTORY TRUST AUTHORIZED
SECTION 302.
PERMISSIBLE PURPOSES
SECTION 304. RIGHTS OF BENEFICIAL OWNER AND TRUSTEE IN TRUST PROPERTY.