§ 3505 — Appointment of trustee to transfer stock or collect and pay over dividends; effect of appointee’s acts

Delaware § 3505

• Jurisdiction: Delaware
• Title: 12
• Part: Fiduciary Relations
• Ch. 35: TRUSTS
• Subch.: Appointment of Trustee by Court; Title of Appointee to Trust Property

Text

When any person in whose name as trustee or executor (either alone or together with the name of any other person) or in the name of whose testator (whether as trustee or beneficiary) any stock shall be standing or any other person who otherwise has power to transfer or join with any person in transferring any stock to which some other person is beneficially entitled is out of the jurisdiction or not amenable to the process of the Court of Chancery or it is uncertain whether such person is living or dead or if any such trustee or executor or other person neglects or refuses to transfer such stock or receive and pay over the dividends thereof to the person entitled to such stock or dividends, for 20 days next after request in writing by such person so entitled, the Court of Chancery may appoint a person to transfer such stock or to receive and pay over such dividends to the person entitled to the same. Such transfer, receipt or payment shall be as effectual to all intents and purposes as if made by such trustee, executor or other person.

Legislative History

11 Del. Laws, c. 90, § 3 ; Code 1915, § 3867; Code 1935, § 4391; 12 Del. C. 1953, § 3505