Delaware § 3824 Judicial cancellation of certificate of trust; proceedings

Delaware Statutes

§ 3824 — Judicial cancellation of certificate of trust; proceedings

Delaware·Title 12·Part Fiduciary Relations·Ch. 38 TREATMENT OF DELAWARE STATUTORY TRUSTS·Subch. Domestic Statutory Trusts

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

(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.

Delaware § 3824 (Judicial cancellation of certificate of trust; proceedings) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.