CHAPTER 329

FORMERLY

SENATE BILL NO. 412

AN ACT TO AMEND CHAPTER 38, TITLE 12 OF THE DELAWARE CODE RELATING TO BUSINESS TRUSTS AND TO MAKE CERTAIN CONFORMING AMENDMENTS TO TITLES 5, 6, 7, 8, 9, 10, 11, 12, 16, 18, 19, 22, 24, 25 AND 30 OF THE DELAWARE CODE.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fifths of all members elected to each house thereof concurring therein):

Section 1. Each of the terms “Business Trust”, “Business trust”, “Business Trusts”, “business trust” and “business trusts” in Chapter 38, Title 12 of the Delaware Code shall be replaced by the terms “Statutory Trust”, “Statutory trust”, “Statutory Trusts”, “statutory trust” and “statutory trusts”, respectively, except that (a) the term “business trust” in clause (i) of Section 3801(a), Chapter 38, Title 12 of the Delaware Code shall remain unchanged and (b) the phrase “business trust formed” in Section 3801(g), Chapter 38, Title 12 of the Delaware Code shall be replaced by the phrase “business trust or statutory trust formed”.

Section 2. Amend Subsection 3801(a), Title 12 of the Delaware Code by adding the following two sentences at the end of such subsection: “The term “statutory trust” shall be deemed to include each trust formed under Chapter 38, Title 12 of the Delaware Code prior to September 1, 2002 as a “business trust” (as such term was then defined in Section 3801(a) of Chapter 38, Title 12 of the Delaware Code). Neither use of the designation “business trust” nor a statement in a certificate of trust or governing instrument executed prior to September 1, 2002, to the effect that the trust formed thereby is or will qualify as a Delaware business trust within the meaning of or pursuant to Chapter 38, Title 12 of the Delaware Code, shall create a presumption or an inference that the trust so formed is a “business trust” for purposes of Title 11 of the United States Code.”

Section 3. Amend Subsection 101(20), Title 5 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “partnership,” therein.

Section 4. Amend Subsection 3303(16), Title 5 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “partnership,” therein.

Section 5. Amend Subsection 1-201(28), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ government or governmental subdivision or agency ,” therein.

Section 6. Amend Subsection 8-103(a), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “business trust,” therein.

Section 7. Amend Subsection 9-703(c), Title 6 of the Delaware Code by deleting the phrase “Delaware Business Trust” in clause (i) thereof and inserting in lieu thereof the phrase “Delaware Statutory Trust”.

Section 8. Amend Subsection 12A-102(12), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “corporation,” therein.

Section 9. Amend Subsection 12A-103(b)(4), Title 6 of the Delaware Code by deleting the phrase “Delaware Business Trust Act” therein and inserting in lieu thereof the phrase “Delaware Statutory Trust Act”.

Section 10. Amend Subsection 1301(9), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “governmental subdivision or agency,” therein.

Section 11. Amend Subsection 15-108(c), Title 6 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 12. Amend Subsection 15-111(a)(2), Title 6 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 13. Amend Subsection 15-602(b)(2)(iv), Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”.

Section 14. Amend Subsection 15-901(a), Title 6 of the Delaware Code by inserting the phrase “a statutory trust,” immediately after the phrase “a corporation,” therein.

Section 15. Amend Subsection 15-902(a), Title 6 of the Delaware Code by inserting the phrase “a statutory trust,” immediately after the phrase “a corporation,” therein.

Section 16. Amend Section 15-903, Title 6 of the Delaware Code by deleting the phrase “business trust or association,” therein and inserting in lieu thereof the phrase “statutory trust or business association,”.

Section 17. Amend Subsection 17-102(3), Title 6 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 18. Amend Subsection 17-104(a)(2), Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”.

Section 19. Amend Subsection 17-211(a), Title 6 of the Delaware Code by inserting the phrase “a statutory trust,” immediately after the phrase “a corporation,” therein.

Section 20. Amend Subsection 17-211(c)(7), Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”. Section 21. Amend Subsection 17-217(a), Title 6 of the Delaware Code by inserting the phrase “a statutory trust,” immediately after the phrase “a corporation, ” therein.

Section 22. Amend Section 17-219, Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”.

Section 23. Amend Subsection 17-303(b)(1), Title 6 of the Delaware Code by inserting the phrase “or a statutory trust” immediately after the phrase “business trust” therein.

Section 24. Amend Section 17-904, Title 6 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 25. Amend Subsection 18-102(3), Title 6 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 26. Amend Subsection 18-104(a)(2), Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”.

Section 27. Amend Subsection 18-209(a), Title 6 of the Delaware Code by inserting the phrase “a statutory trust,” immediately after the phrase “a corporation,” therein.

Section 28. Amend Subsection 18-209(c)(7), Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”. Section 29. Amend Subsection 18-214(a), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “a corporation,” therein.

Section 30. Amend Section 18-216, Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”.

Section 31. Amend Section 18-904, Title 6 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 32. Amend Subsection 1901(3), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “corporation,” therein.

Section 33. Amend Subsection 2001(3), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “corporation,” therein.

Section 34. Amend Section 2306, Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “limited partnership,” therein.

Section 35. Amend Subsection 2511(5), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “governmental subdivision or agency,” therein.

Section 36. Amend Subsection 2531(5), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “governmental subdivision or agency,” therein.

Section 37. Amend Subsection 2593(5), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “governmental subdivision or agency,” therein.

Section 38. Amend Subsection 2731(3), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “government or governmental subdivision or agency,” therein.

Section 39. Amend Subsection 4902A(3), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “corporation,” therein.

Section 40. Amend Subsection 7702(d), Title 6 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “partnership,” therein.

Section 41. Amend Section 7706, Title 6 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”.

Section 42. Amend Subsection 3702(2), Title 7 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “firm,” therein.

Section 43. Amend Subsection 102(a)(1), Title 8 of the Delaware Code by deleting the phrase “business trust” and “business trusts” in each place that they appear therein and inserting in lieu thereof in each such place the phrase “statutory trust” and “statutory trusts” respectively.

Section 44. Amend Subsection 132(a), Title 8 of the Delaware Code by deleting the phrase “business trust” therein and inserting in lieu thereof the phrase “statutory trust”.

Section 45. Amend Section 265, Title 8 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 46. Amend Section 266, Title 8 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 47. Amend Subsection 371(c), Title 8 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 48. Amend Subsection 2652(17), Title 9 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “governmental agency,” therein.

Section 49. Amend Subsection 4952(17), Title 9 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “governmental agency,” therein.

Section 50. Amend Subsection 6952(17), Title 9 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “governmental agency,” therein.

Section 51. Amend Subsection 4320(3), Title 10 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “corporation,” therein.

Section 52. Amend Subsection 5201(9), Title 10 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ government or governmental subdivision or agency,” therein.

Section 53. Amend Subsection 9401(3), Title 11 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “corporation,” therein.

Section 54. Amend Subsection 3312(a)(2), Title 12 of the Delaware Code by inserting the phrase “a statutory trust,” immediately after the phrase “statutory or common law business trust,” therein.

Section 55. Amend Subsection 3405(7), Title 12 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “limited liability company,” therein.

Section 56. Amend Subsection 4301(5), Title 12 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “government or governmental subdivision or agency,” therein.

Section 57. Amend Subsection 2501(n), Title 16 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “corporation,” therein.

Section 58. Amend Subsection 2710(11), Title 16 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ government or governmental subdivision or agency, ” therein.

Section 59. Amend Subsection 4701(28), Title 16 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ government or governmental subdivision or agency, ” therein.

Section 60. Amend Subsection 102(1), Title 18 of the Delaware Code by inserting the phrase “statutory trusts,” immediately after the phrase “ organizations, ” therein.

Section 61 Amend Subsection 1309(a)(2), Title 18 of the Delaware Code by inserting the phrase “statutory trusts,” immediately after the phrase “ business trusts, ” therein.

Section 62. Amend Section 1311, Title 18 of the Delaware Code by inserting the phrase “and statutory trusts” immediately after the phrase “ business trusts ” therein.

Section 63. Amend Subsection 2704(e)(2), Title 18 of the Delaware Code by inserting the phrase “statutory trusts,” immediately after the phrase “ limited liability companies or partnerships, ” therein.

Section 64. Amend Subsection 101(a)(4), Title 19 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ corporation, ” therein.

Section 65. Amend Subsection 901(4), Title 19 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ corporation, ” therein.

Section 66. Amend Subsection 1302(6), Title 22 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ firm, ” therein.

Section 67. Amend Subsection 5402(8), Title 24 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ corporation, ” therein.

Section 68. Amend Subsection 503(b)(3), Title 25 of the Delaware Code by deleting the phrase “business trust” in each place that it appears therein and inserting in lieu thereof in each such place the phrase “statutory trust”.

Section 69. Amend Subsection 503(e), Title 25 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ partnership, ” therein.

Section 70. Amend Subsection 5141(18), Title 25 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ government or governmental agency, ” therein.

Section 71. Amend Subsection 6102(4), Title 25 of the Delaware Code by inserting the phrase “statutory trust,” immediately after the phrase “ government or governmental agency, ” therein.

Section 72. Amend Subsection 1902(b)(8), Title 30 of the Delaware Code by inserting the phrase “statutory trusts or” immediately after the phrase “ of the intangible investments of corporations or ”.

Section 73. Amend Section 2301, Title 30 of the Delaware Code by deleting the phrase “Business trusts” and “business trust” in each place that they appears therein and inserting in lieu thereof in each such place the phrase “Statutory trusts” and “statutory trust”, respectively.

Section 74. The effective date of this Act shall be September 1, 2002.

Approved June 27, 2002