§ 17-23-102 — Definitions

Wyoming § 17-23-102

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 23: WYOMING STATUTORY TRUST ACT
• Art. 1: GENERAL PROVISIONS

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(a) As used in this chapter:
(i) "Beneficial owner" means any owner of a
beneficial interest in a statutory trust. The fact of ownership
shall be determined and evidenced, whether by means of
registration, the issuance of certificates or otherwise, in
conformity to the applicable provisions of the governing
instrument of the statutory trust;
(ii) "Governing instrument" means a trust instrument
which creates a statutory trust and provides for the governance
of the affairs of the statutory trust and the conduct of its
business. A governing instrument may:
(A) Provide that a person shall become a
beneficial owner and shall become bound by the governing
instrument if the person, or a representative authorized by the
person orally, in writing or by other action such as payment for
a beneficial interest, complies with the conditions for becoming
a beneficial owner set forth in the governing instrument or any
other writing and acquires a beneficial interest; and
(B) Consist of one (1) or more agreements,
instruments or other writings and may include or incorporate
bylaws containing provisions relating to the business of the
statutory trust, the conduct of its affairs and its rights or
powers or the rights or powers of its trustees, beneficial
owners, agents or employees.
(iii) "Other business entity" means a corporation, a
partnership, a limited partnership, a limited liability company,
a common-law trust or any other unincorporated business,
excluding a statutory trust;
(iv) "Person" means a natural person, partnership,
limited partnership, limited liability company, trust, estate,
association, corporation, custodian, nominee or any other
individual or entity in its own or any representative capacity;
(v) "Statutory trust" means an unincorporated
association which:
(A) Is created by a trust instrument under which
property is or will be held, managed, administered, controlled,
invested, reinvested or operated, or business or professional
activities for profit are carried on or will be carried on, by a
trustee or trustees for the benefit of a person who is or may
become entitled to a beneficial interest in the trust property,
including but not limited to a trust of the type known at common
law as a "business trust," "Massachusetts trust," a trust
qualifying as a real estate investment trust under sections 856
through 859 of the United States Internal Revenue Code of 1986,
as amended, or under any successor provision, or a trust
qualifying as a real estate mortgage investment conduit under
section 860D of the United States Internal Revenue Code of 1986,
as amended, or under any successor provision; and
(B) Files a certificate of trust pursuant to
W.S. 17-23-114. Any association meeting the definition of this
paragraph whether organized before or after the effective date
of this chapter shall be a statutory trust and a separate legal
entity.
(vi) "Trustee" means the person or persons appointed
as a trustee in accordance with the governing instrument of a
statutory trust, and may include the beneficial owners or any of
them.