reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 35. TRUSTS › Subchapter VII. Liability of Trustees and Rights of Persons Dealing With Trustee › § 3592. Failure of trust to dispose of all assets.

§ 3592. Failure of trust to dispose of all assets.
In the event that the terms of an inter vivos trust do not effectively dispose of a portion of or all of the principal and income of such inter vivos trust:
(1) If such failure occurs simultaneously with the death of the trustor, the trust principal not effectively disposed of shall be treated as though it were an additional part of the trustor's estate, and shall be disposed of in accordance with the provisions of the trustor's will, or if the trustor has no valid will, then the provisions of § 501 et seq. of this title shall govern the disposition of such principal; provided, however, that if any disposition to the trust would be treated as a qualified disposition, within the meaning of § 3570(7) of this title, if paragraph (2) of this section, rather than this paragraph (1), were applicable to the trust, then the principal of the trust shall be disposed of in accordance with paragraph (2) of this section.
(2) If such failure occurs at any time other than simultaneously with the death of the trustor, the trust income and principal not effectively disposed of shall be distributed as though the trustor had died on the date on which such failure occurred, a resident of the state of Delaware, owning the property so distributable, as though the provisions of § 501 et seq. of this title applied, but provided that if the provisions of § 502(2) or (3) of this title would apply for purposes of determining the share of a surviving spouse, the share of such surviving spouse shall be half of the personal property of the trust plus a life estate in the real estate of the trust.
75 Del. Laws, c. 299, §  1;  76 Del. Laws, c. 90, §  17;  79 Del. Laws, c. 198, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 35. TRUSTS › Subchapter VII. Liability of Trustees and Rights of Persons Dealing With Trustee › § 3593. Interest on pecuniary gifts in trust [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 3593. Interest on pecuniary gifts in trust [For application of this section, see 79 Del. Laws, c. 172, § 6].
Except where circumstances justify a longer period, pecuniary gifts from an inter vivos trust which are payable as of the death of the trustor or another person, shall bear interest at the rate of 4 percent per annum payable from the trust beginning 13 months after such death, or, if there is a change of trustee as a result of such death, 13 months after the trustee first takes office as trustee following such death, until payment, unless a contrary intent is indicated by the governing instrument.
75 Del. Laws, c. 299, §  2;  79 Del. Laws, c. 172, §  3;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 35. TRUSTS › Subchapter VII. Liability of Trustees and Rights of Persons Dealing With Trustee › § 3594. Legacy to creditor of trustor.

§ 3594. Legacy to creditor of trustor.
A gift to a beneficiary of an inter vivos trust which is made effective as of the death of the trustor shall not be deemed to be in satisfaction of a debt due from the trustor to the donee, unless the intention of the trustor that it shall be so accepted shall appear in the trust expressly or by manifest implication.
75 Del. Laws, c. 299, §  3;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 35. TRUSTS › Subchapter VII. Liability of Trustees and Rights of Persons Dealing With Trustee › § 3595. Abatement of gifts in trust.

§ 3595. Abatement of gifts in trust.
(a) Except as provided in subsection (b) of this section, shares of distributees of an inter vivos trust, who are entitled to distributions from the trust as of the date of the death of the trustor, abate, with personal property to be abated prior to real property within each class, in the following order:
(1) Property owned by the trust not disposed of by the trust instrument.
(2) Residuary gifts under the trust instrument.
(3) General gifts under the trust instrument.
(4) Specific gifts under the trust instrument.
For purposes of abatement, a general gift charged on any specific property or fund is a specific gift to the extent of the value of the property on which it is charged, and upon the failure or insufficiency of the property on which it is charged, a general gift to the extent of the failure or insufficiency. Abatement within each classification is in proportion to the amounts of property that each of the beneficiaries would have received if full distribution of the property had been made in accordance with the terms of the trust instrument.
(b) If the trust instrument expresses an order of abatement, or if the overall plan of distribution at the trustor's death or the express or implied purpose of the gift would be defeated by the order of abatement stated in subsection (a) of this section, the shares of the distributees abate as may be found necessary to give effect to the intention of the trustor.
(c) If the subject of a preferred gift is sold or used incident to administration of the trust, abatement shall be achieved by appropriate adjustments in, or contributions from, other interests in the remaining assets.
75 Del. Laws, c. 299, §  4;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3802. Contributions by beneficial owners.

§ 3802. Contributions by beneficial owners.
(a) A contribution of a beneficial owner to the statutory trust may be in cash, property or services rendered, or a promissory note or other obligation to contribute cash or property or to perform services; provided however, that a person may become a beneficial owner of a statutory trust and may receive a beneficial interest in a statutory trust without making a contribution or being obligated to make a contribution to the statutory trust.
(b) Except as provided in the governing instrument, a beneficial owner is obligated to the statutory trust to perform any promise to contribute cash, property or to perform services, even if the beneficial owner is unable to perform because of death, disability or any other reason. If a beneficial owner does not make the required contribution of property or services the beneficial owner is obligated at the option of the statutory trust to contribute cash equal to that portion of the agreed value (as stated in the records of the statutory trust) of the contribution that has not been made. The foregoing option shall be in addition to, and not in lieu of, any other rights, including the right to specific performance, that the statutory trust may have against such beneficial owner under the governing instrument or applicable law.
(c) A governing instrument may provide that the interest of any beneficial owner who fails to make any contribution that the beneficial owner is obligated to make shall be subject to specific penalties for, or specified consequences of, such failure. Such penalty or consequence may take the form of reducing or eliminating the defaulting beneficial owner's proportionate interest in the statutory trust, subordinating the beneficial interest to that of nondefaulting beneficial owners, a forced sale of the beneficial interest, forfeiture of the beneficial interest, the lending by other beneficial owners of the amount necessary to meet the beneficiary's commitment, a fixing of the value of the defaulting beneficial owner's beneficial interest by appraisal or by formula and redemption or sale of the beneficial interest at such value, or any other penalty or consequence.
68 Del. Laws, c. 404, §  4;  70 Del. Laws, c. 186, §  1;  73 Del. Laws, c. 329, §  1;  81 Del. Laws, c. 352, § 2;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3803. Liability of beneficial owners and trustees.

§ 3803. Liability of beneficial owners and trustees.
(a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State.
(b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.
(c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to § 3806(b)(7) or (i) of this title, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a trustee or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.
(d) No obligation of a beneficial owner or trustee of a statutory trust to the statutory trust, or to a beneficial owner or trustee of the statutory trust, arising under the governing instrument or a separate agreement in writing, and no note, instrument or other writing evidencing any such obligation of a beneficial owner or trustee, shall be subject to the defense of usury, and no beneficial owner or trustee shall interpose the defense of usury with respect to any such obligation in any action.
66 Del. Laws, c. 279, §  1;  67 Del. Laws, c. 297, §§  1, 2;  68 Del. Laws, c. 404, §  5;  69 Del. Laws, c. 265, §  1;  70 Del. Laws, c. 548, §  3;  73 Del. Laws, c. 329, §  1;  79 Del. Laws, c. 355, §  1;  81 Del. Laws, c. 352, § 3;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3809. Applicability of trust law.

§ 3809. Applicability of trust law.
Except to the extent otherwise provided in the governing instrument of a statutory trust or in this subchapter, the laws of this State pertaining to trusts are hereby made applicable to statutory trusts; provided however, that for purposes of any tax imposed by this State or any instrumentality, agency or political subdivision of this State a statutory trust shall be classified as a corporation, an association, a partnership, a trust or otherwise, as shall be determined under the United States Internal Revenue Code of 1986 [26 U.S. Code § 1 et seq.], as amended, or under any successor provision.
66 Del. Laws, c. 279, §  1;  67 Del. Laws, c. 297, §  11;  70 Del. Laws, c. 548, §  7;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3816. Derivative actions.

§ 3816. Derivative actions.
(a) A beneficial owner may bring an action in the Court of Chancery in the right of a statutory trust to recover a judgment in its favor if persons with authority to do so have refused to bring the action or if an effort to cause those persons to bring the action is not likely to succeed.
(b) In a derivative action, the plaintiff must be a beneficial owner at the time of bringing the action and:
(1) At the time of the transaction of which the plaintiff complains; or
(2) Plaintiff's status as a beneficial owner had devolved upon plaintiff by operation of law or pursuant to the terms of the governing instrument of the statutory trust from a person who was a beneficial owner at the time of the transaction.
(c) In a derivative action, the complaint shall set forth with particularity the effort, if any, of the plaintiff to secure initiation of the action by the persons with authority to do so, or the reasons for not making the effort.
(d) If a derivative action is successful, in whole or in part, or if anything is received by a statutory trust as a result of a judgment, compromise or settlement of any such action, the Court may award the plaintiff reasonable expenses, including reasonable attorneys' fees. If anything is so received by the plaintiff, the Court shall make such award of plaintiff's expenses payable out of those proceeds and direct plaintiff to remit to the statutory trust the remainder thereof, and if those proceeds are insufficient to reimburse plaintiff's reasonable expenses, the Court may direct that any such award of plaintiff's expenses or a portion thereof be paid by the statutory trust.
(e) A beneficial owner's right to bring a derivative action may be subject to such additional standards and restrictions, if any, as are set forth in the governing instrument of the statutory trust, including, without limitation, the requirement that beneficial owners owning a specified beneficial interest in the statutory trust join in the bringing of the derivative action.
67 Del. Laws, c. 297, §  8;  68 Del. Laws, c. 404, §§  12, 13, 14;  70 Del Laws, c. 186,, §  1;  73 Del. Laws, c. 329, §  1;  78 Del. Laws, c. 280, §§  15, 16;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3817. Indemnification.

§ 3817. Indemnification.
(a) Subject to such standards and restrictions, if any, as are set forth in the governing instrument of a statutory trust, a statutory trust shall have the power to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever.
(b) The absence of a provision for indemnity in the governing instrument of a statutory trust shall not be construed to deprive any trustee or beneficial owner or other person of any right to indemnity which is otherwise available to such person under the laws of this State.
67 Del. Laws, c. 297, §  8;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3818. Treasury interests.

§ 3818. Treasury interests.
Except to the extent otherwise provided in the governing instrument of a statutory trust, a statutory trust may acquire, by purchase, redemption or otherwise, any beneficial interest in the statutory trust held by a beneficial owner of the statutory trust. Except to the extent otherwise provided in the governing instrument of a statutory trust, any such interest so acquired by a statutory trust shall be deemed canceled.
70 Del. Laws, c. 548, §  16;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3824. Judicial cancellation of certificate of trust; proceedings.

§ 3824. Judicial cancellation of certificate of trust; proceedings.
(a) Upon motion by the Attorney General, the Court of Chancery shall have jurisdiction to cancel the certificate of trust of any statutory trust for abuse or misuse of its statutory trust powers, privileges or existence. The Attorney General shall proceed for this purpose in the Court of Chancery.
(b) The Court of Chancery shall have power, by appointment of trustees, receivers or otherwise, to administer and wind up the affairs of any statutory trust whose certificate of trust shall be canceled by the Court of Chancery under this section, and to make such orders and decrees with respect thereto as shall be just and equitable respecting its affairs and assets and the rights of its beneficial owners, trustees and creditors.
82 Del. Laws, c. 264, § 15;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3828. Construction and application of chapter and governing instrument.

§ 3828. Construction and application of chapter and governing instrument.
(a) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this subchapter.
(b) It is the policy of this subchapter to give maximum effect to the principle of freedom of contract and to the enforceability of governing instruments.
(c) Action validly taken pursuant to 1 provision of this chapter shall not be deemed invalid solely because it is identical or similar in substance to an action that could have been taken pursuant to some other provision of this chapter but fails to satisfy 1 or more requirements prescribed by such other provision.
(d) A governing instrument that provides for the application of Delaware law shall be governed by and construed under the laws of the State of Delaware in accordance with its terms.
68 Del. Laws, c. 404, §  15;  70 Del. Laws, c. 186, §  1;  70 Del. Laws, c. 548, §  16;  71 Del. Laws, c. 335, §  10;  74 Del. Laws, c. 353, §  17;  77 Del. Laws, c. 403, §  22;  78 Del. Laws, c. 280, §  21;  82 Del. Laws, c. 264, § 16;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter I. Domestic Statutory Trusts › § 3829. Short title.

§ 3829. Short title.
This subchapter may be cited as the “Delaware Statutory Trust Act.”
67 Del. Laws, c. 297, §  8;  68 Del. Laws, c. 404, §  15;  70 Del. Laws, c. 548, §  16;  71 Del. Laws, c. 335, §  10;  73 Del. Laws, c. 329, §  1;  74 Del. Laws, c. 353, §  17;  82 Del. Laws, c. 264, § 17;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3851. Law governing.

§ 3851. Law governing.
Subject to the Constitution of the State:
(1) The laws of the state, territory, possession or other jurisdiction or country under which a foreign statutory trust is organized govern its organization and internal affairs and the liability of its beneficial owners and trustees; and
(2) A foreign statutory trust may not be denied registration by reason of any difference between those laws and the laws of the State.
71 Del. Laws, c. 335, §  11;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3853. Issuance of registration.

§ 3853. Issuance of registration.
(a) If the Secretary of State finds that an application for registration conforms to law and all requisite fees have been paid, the Secretary of State shall:
(1) Certify that the application has been filed in the Secretary of State's office by endorsing upon the original application the word “Filed,” and the date and hour of the filing. This endorsement is conclusive of the date and time of its filing in the absence of actual fraud;
(2) File and index the endorsed application.
(b) The Secretary of State shall prepare and return to the person who filed the application or the person's representative a copy of the original signed application, similarly endorsed, and shall certify such copy as a true copy of the original signed application.
(c) The filing of the application with the Secretary of State shall make it unnecessary to file any other documents under Chapter 31 of Title 6.
71 Del. Laws, c. 335, §  11;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3855. Amendments to application.

§ 3855. Amendments to application.
If any statement in the application for registration of a foreign statutory trust was false when made or any arrangements or other facts described have changed, making the application false in any respect, the foreign statutory trust shall promptly file in the Office of the Secretary of State a certificate, executed by a trustee or other authorized person, correcting such statement, together with a fee as set forth in § 3862 of this title.
71 Del. Laws, c. 335, §  11;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3856. Cancellation of registration.

§ 3856. Cancellation of registration.
A foreign statutory trust may cancel its registration by filing with the Secretary of State a certificate of cancellation, executed by a trustee or other authorized person, together with a fee as set forth in § 3862 of this title. A cancellation does not terminate the authority of the Secretary of State to accept service of process on the foreign statutory trust with respect to causes of action arising out of the doing of business in the State.
71 Del. Laws, c. 335, §  11;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3857. Doing business without registration.

§ 3857. Doing business without registration.
(a) A foreign statutory trust doing business in the State may not maintain any action, suit or proceeding in the State until it has registered in the State, and has paid to the State all fees and penalties for the years or parts thereof, during which it did business in the State without having registered.
(b) The failure of a foreign statutory trust to register in the State does not:
(1) Impair the validity of any contract or act of the foreign statutory trust;
(2) Impair the right of any other party to the contract to maintain any action, suit or proceeding on the contract; or
(3) Prevent the foreign statutory trust from defending any action, suit or proceeding in any court of the State.
(c) A beneficial owner or a trustee of a foreign statutory trust is not liable for the obligations of the foreign statutory trust solely by reason of the statutory trust's having done business in the State without registration.
(d) Any foreign statutory trust doing business in the State without first having registered shall be fined and shall pay to the Secretary of State $200 for each year or part thereof during which the foreign statutory trust failed to register in the State.
71 Del. Laws, c. 335, §  11;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3858. Foreign statutory trusts doing business without having qualified; injunctions.

§ 3858. Foreign statutory trusts doing business without having qualified; injunctions.
The Court of Chancery shall have jurisdiction to enjoin any foreign statutory trust, or any agent thereof, from doing any business in the State if such foreign statutory trust has failed to register under this subchapter or if such foreign statutory trust has secured a certificate of the Secretary of State under § 3853 of this title on the basis of false or misleading representations. The Attorney General shall, upon the Attorney General's own motion or upon the relation of proper parties, proceed for this purpose by complaint in any county in which such foreign statutory trust is doing or has done business.
71 Del. Laws, c. 335, §  11;  70 Del. Laws, c. 186, §  1;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3859. Execution — Liability.

§ 3859. Execution — Liability.
Section 3811(c) of this title shall be applicable to foreign statutory trusts as if they were domestic statutory trusts.
71 Del. Laws, c. 335, §  11;  73 Del. Laws, c. 329, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3862. Fees.

§ 3862. Fees.
No document required to be filed under this subchapter shall be effective until the applicable fee required by this section is paid. The following fees shall be paid to and collected by the Secretary of State for the use of the State:
(1) Upon receipt for filing of an application for registration as a foreign statutory trust under § 3852 of this title, a certificate under § 3855 of this title or a certificate of cancellation under § 3856 of this title, a fee in amount of up to $300 together with such fees for services as may be authorized pursuant to § 3813(b) of this title.
(2) Upon the receipt for filing of a certificate under § 3854(c) of this title, a fee in the amount of $200, upon the receipt for filing of a certificate under § 3854(d) of this title, a fee in the amount of $200, and upon the receipt for filing of a certificate under § 3854(e) of this title, a fee in the amount of $2.00 for each statutory trust whose registered agent has resigned by such certificate.
71 Del. Laws, c. 335, §  11;  73 Del. Laws, c. 329, §  1;  74 Del. Laws, c. 52, §  38;  75 Del. Laws, c. 218, §  3;  78 Del. Laws, c. 114, §  9;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter II. Foreign Statutory Trusts › § 3863. Activities not constituting doing business.

§ 3863. Activities not constituting doing business.
(a) Activities of a foreign statutory trust in the State of Delaware that do not constitute doing business for the purpose of this chapter include:
(1) Maintaining, defending or settling an action or proceeding;
(2) Holding meetings of its beneficial owners or trustees or carrying on any other activity concerning its internal affairs;
(3) Maintaining bank accounts;
(4) Maintaining offices or agencies for the transfer, exchange or registration of the statutory trust's own securities or maintaining trustees or depositories with respect to those securities;
(5) Selling through independent contractors;
(6) Soliciting or obtaining orders, whether by mail or through employees or agents or otherwise, if the orders require acceptance outside the State of Delaware before they become contracts;
(7) Selling, by contract consummated outside the State of Delaware, and agreeing, by the contract, to deliver into the State of Delaware, machinery, plants or equipment, the construction, erection or installation of which within the State of Delaware requires the supervision of technical engineers or skilled employees performing services not generally available, and as part of the contract of sale agreeing to furnish such services, and such services only, to the vendee at the time of construction, erection or installation;
(8) Creating, as borrower or lender, or acquiring indebtedness with or without a mortgage or other security interest in property;
(9) Collecting debts or foreclosing mortgages or other security interests in property securing the debts, and holding, protecting and maintaining property so acquired;
(10) Conducting an isolated transaction that is not 1 in the course of similar transactions;
(11) Doing business in interstate commerce; and
(12) Doing business in the State of Delaware as an insurance company.
(b) A person shall not be deemed to be doing business in the State of Delaware solely by reason of being a beneficial owner or trustee of a domestic statutory trust or a foreign statutory trust.
(c) This section does not apply in determining whether a foreign statutory trust is subject to service or process, taxation or regulation under any other law of the State of Delaware.
75 Del. Laws, c. 418, §  20;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter III. Control Beneficial Interest Acquisitions › § 3882. Related acquisitions; beneficial interests held for the benefit of others.

§ 3882. Related acquisitions; beneficial interests held for the benefit of others.
For the purposes of this subchapter:
(1) Beneficial interests acquired within 90 days or beneficial interests acquired in a series of related transactions are considered to have been acquired in the same acquisition including for purposes of approvals or exemptions pursuant to § 3883(b) of this title or approval of a control beneficial interest acquisition by beneficial owners pursuant to § 3885 of this title; and
(2) A person will not be deemed to be entitled to exercise or direct the exercise of voting power with respect to beneficial interests held for the benefit of others if the person:
a. Is acting in the ordinary course of business, in good faith and not for the purpose of circumventing the provisions of this section as determined by the trustees; and
b. Is not entitled to exercise or to direct the exercise of the voting power of the beneficial interests unless the person either:
1. Obtains the instruction of another unaffiliated person; or 2. Is subject to Rule 452 of the New York Stock Exchange LLC (or any successor rule) and has complied with such rule.
2. Is subject to Rule 452 of the New York Stock Exchange LLC (or any successor rule) and has complied with such rule.
83 Del. Laws, c. 381, § 19;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter III. Control Beneficial Interest Acquisitions › § 3884. Acquiring person statement.

§ 3884. Acquiring person statement.
Any person who proposes to make or who has made a control beneficial interest acquisition may deliver an acquiring person statement to the statutory trust at the statutory trust's principal office. The acquiring person statement shall set forth all of the following:
(1) The identity of the acquiring person and each other member of any group of which the acquiring person is a part for purposes of determining control beneficial interests;
(2) A statement that the acquiring person statement is given under this subchapter;
(3) The number of beneficial interests of the statutory trust owned (directly or indirectly) by the acquiring person and each other member of any group of which the acquiring person is a part;
(4) The applicable range of voting power as set forth in § 3881(e) of this title; and
(5) If the control beneficial interest acquisition has not occurred:
a. A description in reasonable detail of the terms of the proposed control beneficial interest acquisition; and
b. Representations of the acquiring person, together with a statement in reasonable detail of the facts on which they are based, that:
1. The proposed control beneficial interest acquisition, if consummated, will not be contrary to law; and
2. The acquiring person has the financial capacity, through financing to be provided by the acquiring person and any additional specified sources of financing required under § 3886 of this title, to make the proposed control beneficial interest acquisition.
83 Del. Laws, c. 381, § 19;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter III. Control Beneficial Interest Acquisitions › § 3885. Acquiring person meeting request.

§ 3885. Acquiring person meeting request.
(a) Except as provided in § 3886 of this title, if the acquiring person requests, at the time of delivery of an acquiring person statement, and gives a written undertaking to pay the statutory trust's expenses of a special meeting of beneficial owners of the statutory trust, except the expenses of opposing approval of the voting rights, within 20 days after the day on which the statutory trust receives both the request and undertaking along with any bond described in subsection (b) of this section, the trustees of the statutory trust shall call a special meeting of beneficial owners of the statutory trust for the purpose of considering the voting rights to be accorded the beneficial interests acquired or to be acquired in the control beneficial interest acquisition.
(b) The trustees may require the acquiring person to give bond, with sufficient surety, to reasonably assure the statutory trust that this undertaking will be satisfied.
(c) Unless the acquiring person agrees in writing to another date, the special meeting of beneficial owners shall be held within 90 days after the day on which the statutory trust has received both the request and the undertaking; provided that if the anniversary of the date of the proxy statement for the prior year's annual meeting of holders of beneficial interests is within 120 days of the date of delivery of an acquiring person statement then the statutory trust may elect to present the acquiring person's proposal at the next annual meeting of holders of beneficial interests.
(d) If the acquiring person makes a request in writing at the time of delivery of the acquiring person statement, the special meeting may not be held sooner than 30 days after the day on which the statutory trust receives the acquiring person statement.
(e) (1) If no request is made under subsection (a) of this section, the issue of the voting rights to be accorded the beneficial interests acquired in the control beneficial interest acquisition may, at the option of the trustees (but without any requirement), be presented for consideration at any meeting of beneficial owners.
(2) If no request is made under subsection (a) of this section and the statutory trust proposes to present the issue of the voting rights to be accorded the beneficial interests acquired in a control beneficial interest acquisition for consideration at any meeting of beneficial owners, the statutory trust shall provide the acquiring person with written notice of the proposal not less than 10 days before the date on which notice of the meeting is given.
83 Del. Laws, c. 381, § 19;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter III. Control Beneficial Interest Acquisitions › § 3886. Special meeting requirements; limitations.

§ 3886. Special meeting requirements; limitations.
(a) A call of a special meeting of beneficial owners of the statutory trust is not required to be made under § 3885(a) of this title unless, at the time of delivery of an acquiring person statement under § 3884 of this title, the acquiring person has:
(1) Entered into a definitive financing agreement or agreements with 1 or more responsible financial institutions or other entities that have the necessary financial capacity, providing for any amount of financing of the control beneficial interest acquisition not to be provided by the acquiring person; and
(2) Delivered a copy of the agreements to the statutory trust.
(b) A call of a special meeting of beneficial owners of the statutory trust is not required to be made under § 3885(a) of this title if the acquiring person making such request (or an associate of such person) has in the 3-year period preceding such request made a request to have the issue of the voting rights to be accorded the beneficial interests acquired in a control beneficial interest acquisition presented for consideration at a meeting of beneficial owners where the beneficial owners have not approved such acquisition under § 3885 of this title.
83 Del. Laws, c. 381, § 19;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter III. Control Beneficial Interest Acquisitions › § 3887. Special meeting notice.

§ 3887. Special meeting notice.
(a) If a special meeting of beneficial owners is requested, notice of the special meeting shall be given as promptly as reasonably practicable by the statutory trust to all beneficial owners of record as of the record date set for the meeting, whether or not the beneficial owners are entitled to vote at the meeting.
(b) Notice of the special or annual meeting of beneficial owners at which the voting rights are to be considered shall include or be accompanied by the following:
(1) A copy of the acquiring person statement, if any, delivered to the statutory trust under § 3884 of this title; and
(2) A statement by the trustees of the statutory trust setting forth the position or recommendation of the trustees, or stating that the trustees are taking no position or making no recommendation, with respect to the issue of voting rights to be accorded the control beneficial interests.
83 Del. Laws, c. 381, § 19;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 38. TREATMENT OF DELAWARE STATUTORY TRUSTS › Subchapter III. Control Beneficial Interest Acquisitions › § 3888. Disclosure of control beneficial interest acquisitions and related information.

§ 3888. Disclosure of control beneficial interest acquisitions and related information.
(a) A holder of beneficial interests shall disclose to the statutory trust any control beneficial interest acquisition within 10 days of such control beneficial interest acquisition. A statutory trust may require a holder of beneficial interests or an associate of such person to disclose the number of beneficial interests owned or with respect to which such person or an associate thereof has the direct or indirect power to exercise voting power.
(b) A holder of beneficial interests or an associate of such person shall provide to the statutory trust within 10 days of receiving a request therefor from the statutory trust any information that the trustees reasonably believe is necessary or desirable to determine whether a control beneficial interest acquisition has occurred.
83 Del. Laws, c. 381, § 19;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 39. GUARDIANSHIP › Subchapter I. Appointment, Bond and Tenure of Guardian › § 3902. Appointment of guardian; choice by minor over 14 years of age; guardian ad litem.

§ 3902. Appointment of guardian; choice by minor over 14 years of age; guardian ad litem.
(a) Except in accordance with § 925(15) of Title 10 and § 3904 of this title, no person shall have any right or authority as guardian of a person with a disability unless the person has been duly appointed by the Court of Chancery or admitted by a court of law or equity to defend a suit as guardian ad litem.
(b) The sole surviving parent of a minor child may, by written declaration or last will, name a guardian of the person or property or both of the parent's child, who shall be appointed if there is no just cause to the contrary. Any parent may by written declaration or will name a guardian as to the property which the parent's child may inherit from any person, who shall be appointed if there is no just cause to the contrary.
(c) When there is no designation of guardian by written declaration or last will of the minor's sole surviving parent, or there is just cause for not appointing the guardian so designated, a minor 14 years of age or over and resident in this State may choose a guardian and the Court, if there is no just cause to the contrary, shall appoint the person chosen.
(d) When there is no designation of guardian by written declaration or last will of the minor's sole surviving parent, or there is just cause for not appointing the guardian so designated, and a minor is under the age of 14 years, or is resident out of the State or neglects to choose a proper guardian, the Court may appoint a guardian according to its discretion.
(e) When a guardian is appointed for a minor under 14 years of age, unless such appointment is according to a written declaration or the last will of a minor's sole surviving parent, if the minor, after arriving at the age of 14 years, chooses another person for a guardian, the Court shall appoint the person so chosen, if there is no just cause to the contrary and the preceding guardianship shall be thereby superseded.
Code 1852, §§  1489-1491, 1959-1963;  19 Del. Laws, c. 257, §  1;  22 Del. Laws, c. 452, §  1;  Code 1915, §§  3089, 3914, 3916;  33 Del. Laws, c. 231, §  1;  Code 1935, §§  3579, 4422, 4422B, 4424;  48 Del. Laws, c. 222, §  1;  48 Del. Laws, c. 365, §  1;  12 Del. C. 1953, §§  3902, 3914;  50 Del. Laws, c. 191, §  1;  51 Del. Laws, c. 179, §  1;  57 Del. Laws, c. 402, §  3;  59 Del. Laws, c. 579, §§  1-8;  60 Del. Laws, c. 570, §§  1-8;  63 Del. Laws, c. 89, §  1;  64 Del. Laws, c. 245, §  1;  64 Del. Laws, c. 351, §  1;  66 Del. Laws, c. 112;  69 Del. Laws, c. 109, §  2;  70 Del Laws, c. 186,, §  1;  78 Del. Laws, c. 179, §  92;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 39. GUARDIANSHIP › Subchapter I. Appointment, Bond and Tenure of Guardian › § 3903. Separate guardian of the person and property.

§ 3903. Separate guardian of the person and property.
The Court of Chancery may appoint 2 or more persons as guardians of the person with a disability, 1 or more to have the care of the person of the person with a disability and the other or others to have possession and management of the property of the person with a disability with all the rights and powers and subject to all the duties respecting the property of the person with a disability, or the Court may appoint 1 person guardian with all the rights and powers and subject to all the duties respecting both the person and property of the person with a disability.
Code 1852, §§  1492-1494;  Code 1915, §  3090;  30 Del. Laws, c. 202, §  1;  Code 1935, §  3580;  43 Del. Laws, c. 208, §  1;  12 Del. C. 1953, §  3903;  57 Del. Laws, c. 402, §  3;  69 Del. Laws, c. 109, §  2;  78 Del. Laws, c. 179, §  93;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 39. GUARDIANSHIP › Subchapter I. Appointment, Bond and Tenure of Guardian › § 3904. Foreign guardians of nonresidents.

§ 3904. Foreign guardians of nonresidents.
(a) A guardian, conservator, committee or other similar fiduciary, appointed by an appropriate court of another jurisdiction to manage the property of a person with a disability may, subject to the provisions of subsection (c) of this section, exercise in this State all powers of office, including the power to sell, purchase or mortgage real estate in the State; collect, receipt for and take possession of money due, tangible personal property or an instrument evidencing a debt, obligation, stock or chose in action located in this State and remove it to the other jurisdiction.
(b) A guardian of the person, or other like fiduciary, appointed by an appropriate court of another jurisdiction to care for the person of a person with a disability, whenever such person with a disability is brought into the State for care and maintenance, such foreign fiduciary may, subject to the provisions of subsection (c) of this section, exercise all powers granted by the other jurisdiction for the care and protection of the person of such nonresident person with a disability.
(c) A foreign guardian shall not be entitled to exercise the powers set forth in subsections (a) and (b) of this section until the foreign guardian has filed for record in the Office of the Register in Chancery in any county of this State a certificate of the guardian's appointment from the other jurisdiction. Upon filing the certificate of appointment, the guardian will be authorized to petition the Court of Chancery of this State pursuant to court Ch. Ct. R. 178 to exercise powers not granted by subchapter II of this chapter upon the giving of such security as the Court of Chancery of this State may order. Upon authorization, such foreign fiduciary shall account to the Court at such times as would a fiduciary for a resident of this State appointed under this chapter, and in the case of guardians of the property shall be issued a certificate in accordance with § 3901 of this title.
(d) Whenever it appears to the satisfaction of the Court of Chancery of this State that the person with a disability is then a nonresident and the property in this State belonging to any such nonresident person with a disability has been removed to the state wherein such fiduciary was duly appointed and has been accounted for by the fiduciary according to the laws of the state wherein such fiduciary was duly appointed, the Court of Chancery may relieve such fiduciary from further accounting before the Court.
Code 1852, §§  1489-1491;  Code 1915, §  3089;  Code 1935, §  3579;  48 Del. Laws, c. 222, §  1;  12 Del. C. 1953, §  3912;  57 Del. Laws, c. 402, §§  3, 5;  69 Del. Laws, c. 109, §  2;  70 Del. Laws, c. 186, §  1;  76 Del. Laws, c. 380, §§  3, 4;  78 Del. Laws, c. 179, §  94;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 39. GUARDIANSHIP › Subchapter I. Appointment, Bond and Tenure of Guardian › § 3905. Guardian's bond; requirement; form and entry.

§ 3905. Guardian's bond; requirement; form and entry.
(a) Every person appointed guardian shall, unless bond and/or surety is dispensed with by the Court, become bound, with surety, to the person with a disability in a penal sum to be fixed by the Court, by a joint and several obligation, to be, with the security, approved by the Court, with condition that if the guardian or the guardian's executors or administrators duly renders according to law just and true accounts of the guardianship and if the guardian, or the guardian's executors or administrators, upon the termination of the guardianship, shall deliver and pay to the person with a disability, or the executors or administrators of the person with a disability all the property belonging to the person with a disability in the possession of the guardian and all that shall be due to the person with a disability from the guardian and, if the guardian shall have in all things faithfully performed and fulfilled the guardian's duties as guardian, then the obligation shall be void.
(b) Unless bond shall be dispensed with by the Court, no certificate of guardianship shall be issued by the Register in Chancery until such bond conforming to the order of court is given and added to the guardianship docket.
(c) The Court may, at any time for good cause, waive the requirements of bond and/or surety, or reduce surety in any case where bond is required.
(d) In all cases where a public agency is the petitioner and where, in the opinion of the Court of Chancery, the resources and estate of the person for whose property a guardian is sought are insufficient to warrant the payment of costs and fees, the Court of Chancery may by order provide that the guardian so appointed need not give bond either with or without surety as otherwise required by law and may further provide that in such cases all costs and fees shall be waived.
Code 1852, §§  1964, 1965;  Code 1915, §  3917;  Code 1935, §  4425;  43 Del. Laws, c. 228, §  2;  12 Del. C. 1953, §  3907;  57 Del. Laws, c. 402, §  5;  69 Del. Laws, c. 109, §  2;  70 Del Laws, c. 186,, §  1;  78 Del. Laws, c. 179, §  95;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 39. GUARDIANSHIP › Subchapter I. Appointment, Bond and Tenure of Guardian › § 3906. Guardian's bond; additional security; removal for noncompliance.

§ 3906. Guardian's bond; additional security; removal for noncompliance.
If it appears in any case that the guardian's bond is insufficient, the Court of Chancery shall order the guardian to give further security and, if such order is not complied with, shall remove the guardian from office. Further security shall be taken in the same form as original security.
Code 1852, §§  1966, 1967;  Code 1915, §  3918;  Code 1935, §  4426;  12 Del. C. 1953, §  3908;  57 Del. Laws, c. 402, §  3;  69 Del. Laws, c. 109, §  2;  70 Del Laws, c. 186,, §  1;