§ 17-23-107 — Rights of beneficial owners in trust property

(a) Except to the extent otherwise provided in the
governing instrument, a beneficial owner shall have an undivided
beneficial interest in the property of the statutory trust and
shall share in the profits or losses of the statutory trust in
the proportion of the entire undivided beneficial interest in
the statutory trust he owns. The governing instrument of a
statutory trust may provide that the statutory trust or the
trustees, acting for and on behalf of the statutory trust, shall
be deemed to hold beneficial ownership of any income earned on
securities of the statutory trust issued by any business
entities formed, organized or existing under the laws of any
jurisdiction, including the laws of any foreign country.
(b) No creditor of the beneficial owner shall have any
right to obtain possession of, or otherwise exercise legal or
equitable remedies with respect to, the property of the
statutory trust.
(c) A beneficial owner's beneficial interest in the
statutory trust is personal property notwithstanding the nature
of the property of the trust. Except to the extent otherwise
provided in the governing instrument, a beneficial owner has no
interest in specific statutory trust property.
(d) Except to the extent otherwise provided in the
governing instrument, the transferee of a beneficial owner's
beneficial interest in the statutory trust shall only be
entitled to receive the share of profits and the return of
contributions to which the beneficial owner otherwise would be
entitled. In the absence of the unanimous written consent of
the owners of all other beneficial interests and of all trustees
of the statutory trust, and except to the extent otherwise
provided in the governing instrument, a transferee of a
beneficial owner's beneficial interest shall have no right to
participate in, be kept apprised of the affairs of the statutory
trust or to become a beneficial owner of a beneficial interest
in the statutory trust.
(e) Except to the extent otherwise provided in the
governing instrument, at the time a beneficial owner becomes
entitled to receive a distribution, he has the status of, and is
entitled to all remedies available to, a creditor of the
statutory trust with respect to the distribution. A governing
instrument may provide for the establishment of record dates
with respect to allocations and distributions by a statutory
trust.