Title 34 — Title 34: Limited Partnerships, Partnerships, Professional Associations, Limited Liability Companies and Statutory Trusts

Sec. 34-500. Short title: Connecticut Statutory Trust Act. Sections 34-500 to 34-547, inclusive, shall be known and may be cited as the “Connecticut Statutory Trust Act”. (P.A. 96-271, S. 219, 254.) History: P.A. 96-271 effective October 1, 1997.

Sec. 34-501. Definitions. For purposes of sections 34-500 to 34-547, inclusive: (1) “Beneficial owner” means any owner of a beneficial interest in a statutory trust. Beneficial ownership shall be determined and evidenced, whether by means of registration, the issuance of certific…

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 34-54…

Sec. 34-502a. Purposes of statutory trust. A statutory trust may be organized to carry on any lawful business or activity, whether or not conducted for profit, and for any lawful purpose, including, without limitation, holding or otherwise taking title to property, whether in an …

Sec. 34-502b. Powers and liabilities of statutory trust. A statutory trust shall have the power to sue and be sued in its own name. In furtherance of the foregoing, a statutory trust may be sued for debts and other obligations or liabilities contracted or incurred by the trustees…

Sec. 34-503. Certificate of trust. Filing of documents. (a) Every statutory trust shall file a signed copy of its certificate of trust with the office of the Secretary of the State. The certificate of trust shall set forth: (1) A name of the statutory trust that satisfies the req…

Sec. 34-504. Execution of certificates. (a) Each certificate required by sections 34-500 to 34-547, inclusive, to be filed in the office of the Secretary of the State shall be executed in the following manner: (1) A certificate of trust shall be signed by all of the trustees; (2)…

Sec. 34-505. Effective time and date of certificate. Upon the filing of a certificate of trust with the Secretary of the State, or upon the future effective date or time of a certificate of trust as provided for therein, the certificate of trust shall be effective. Upon the filin…

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 …

Sec. 34-507. Appointment of statutory agent for service of process. (a) Each statutory trust shall have and maintain a statutory agent for service in this state, as provided in this section. A statutory agent for service shall be: (1) A natural person who is a resident of this st…

Sec. 34-508. Service of process. (a) A trustee of a statutory trust may be served with process in all civil actions or proceedings brought in this state involving or relating to the activities of the statutory trust or a violation by a trustee of a duty to the statutory trust or …

Sec. 34-509. Fees payable to the Secretary of the State. (a) The Secretary of the State shall charge and collect the following fees and remit them to the Treasurer for the use of the state: (1) For filing of an application for reservation of name, and application for renewal of r…

Sec. 34-510. Interrogatories by Secretary of the State. (a) The Secretary of the State may propound to any statutory trust subject to the provisions of sections 34-500 to 34-547, inclusive, domestic or foreign, and to any trustee thereof, interrogatories as may be reasonably nece…

Sec. 34-511. Powers of Secretary of the State. The Secretary of the State has the power reasonably necessary to perform the duties required of the Secretary by sections 34-500 to 34-547, inclusive. (P.A. 24-111, S. 48.) History: P.A. 24-111 effective June 4, 2024 (Revisor's note:…

Secs. 34-512 to 34-514. Reserved for future use.

Sec. 34-515. 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, a person may be…

Sec. 34-516. Rights of beneficial owners in property of statutory trust. (a) Except to the extent otherwise provided in the governing instrument of the statutory trust, a beneficial owner shall have an undivided beneficial interest in the property of the statutory trust and shall…

Sec. 34-517. Management of statutory trust. (a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the business and affairs of a statutory trust shall be managed by or under the direction of its trustees. To the extent provided in the gove…

Sec. 34-518. Existence of statutory trust. (a) Except to the extent otherwise provided in the governing instrument of the statutory trust, a statutory trust shall have perpetual existence, and a statutory trust may not be terminated or revoked by a beneficial owner or other perso…

Sec. 34-519. Applicability of laws pertaining to trusts. Classification for taxation purposes. Except to the extent otherwise provided or authorized in sections 34-500 to 34-547, inclusive, the laws of this state pertaining to trusts are applicable to statutory trusts; provided, …

Sec. 34-520. Applicability of law re foreign corporation acting as trustee. Sections 34-500 to 34-547, inclusive, do not apply in determining the application of section 45a-206 to the trustee of any statutory trust. (P.A. 96-271, S. 249, 254.) History: P.A. 96-271 effective Octob…

Sec. 34-521. Merger or consolidation. (a) Pursuant to an agreement of merger or consolidation, a statutory trust may merge or consolidate with or into one or more statutory trusts or other business entities formed, organized or existing under the laws of this or any other state, …

Sec. 34-522. Derivative actions. (a) A beneficial owner may bring an action in the Superior Court in the right of a statutory trust to recover a judgment in its favor if trustees with authority to do so have refused to bring the action or if an effort to cause such trustees to br…

Sec. 34-523. Liability of beneficial owners, trustees, officers, employees and managers. (a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners of a statutory trust shall be entitled to the same limitation of personal…

Sec. 34-524. 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 …

Secs. 34-525 to 34-529. Reserved for future use.

Sec. 34-530. Governing law. Subject to the Constitution of this state, the laws of the state or other jurisdictions under which a foreign statutory trust is organized shall govern its organization and internal affairs. A foreign statutory trust may not be denied registration by r…

Sec. 34-531. Registration with Secretary of the State. Before transacting business in this state, a foreign statutory trust shall register with the Secretary of the State. In order to register, a foreign statutory trust shall submit to the Secretary of the State a signed copy of …

Sec. 34-532. Appointment of agent for service of process. (a) Each foreign statutory trust shall, before transacting business in this state, appoint in writing an agent upon whom all process, in any action or proceeding against it, may be served, and by such appointment the forei…

Sec. 34-533. Service of process on statutory agent. (a) Any process, notice or demand in connection with any action or proceeding required or permitted by law to be served upon a foreign statutory trust authorized to transact business in this state which is subject to the provisi…

Sec. 34-534. Issuance of registration. (a) If the Secretary of the State finds that an application for registration conforms to the filing provisions of sections 34-500 to 34-547, inclusive, and all requisite fees have been paid, he shall: (1) Endorse on each signed original of t…

Sec. 34-535. Name. The Secretary of the State shall not issue a registration to, or file any documents submitted by, any foreign statutory trust unless (1) such foreign statutory trust's name complies with the provisions of section 34-506; or (2) the foreign statutory trust adds …

Sec. 34-536. Amendment of application for registration. (a) The application for registration of a foreign statutory trust may be amended by filing articles of amendment with the Secretary of the State signed by a person with authority to do so under the laws of the state or other…

Sec. 34-537. Cancellation of registration. (a) A foreign statutory trust authorized to transact business in this state may cancel its registration upon procuring from the Secretary of the State a certificate of cancellation. In order to procure such certificate, the foreign statu…

Sec. 34-538. Revocation of certificate of registration. (a) The certificate of registration of a foreign statutory trust to transact business in this state may be revoked by the Secretary of the State upon the conditions provided in this section when: (1) A wilful misrepresentati…

Sec. 34-539. Transaction of business without registration. (a) A foreign statutory trust transacting business in this state may not maintain an action, suit or proceeding in a court of this state until it has registered in this state. (b) The failure of a foreign statutory trust …

Sec. 34-540. Activities not constituting transacting business in this state. (a) Any foreign statutory trust may purchase, hold, mortgage, lease, sell and convey real and personal property in this state for its lawful uses and purposes, and may hold such property as it may acquir…

Sec. 34-541. Action by Attorney General. The Attorney General may maintain an action to restrain a foreign statutory trust from transacting business in this state in violation of sections 34-500 to 34-547, inclusive. (P.A. 96-271, S. 250, 254.) History: P.A. 96-271 effective Octo…

Secs. 34-542 to 34-544. Reserved for future use.

Sec. 34-545. Reservation of power to amend or repeal. All provisions of sections 34-500 to 34-547, inclusive, may be altered from time to time or repealed and all rights of statutory trusts, trustees, beneficial owners and other persons are subject to this reservation. (P.A. 96-2…

Sec. 34-546. Rules of construction. (a) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to sections 34-500 to 34-547, inclusive. (b) It is the policy of sections 34-500 to 34-547, inclusive, to give maximum effect to t…

Sec. 34-547. Severability. If any provision of sections 34-500 to 34-547, inclusive, or its application to any person or circumstances, is held invalid the invalidity does not affect other provisions or applications of said sections that can be given effect without the invalid pr…

Secs. 34-548 to 34-599. Reserved for future use.