A statutory trust shall have the power to sue and be sued in its own name. In furtherance of the foregoing, a statutory trust may be sued for debts and other obligations or liabilities contracted or incurred by the trustees, or by the duly authorized agents of such trustees, in the performance of their respective duties under the governing instrument of the statutory trust, and for any damages to persons or property resulting from the negligence of such trustees or agents acting in the performance of such respective duties. The property of a statutory trust shall be subject to attachment and execution as if it were a domestic corporation. Notwithstanding the foregoing provisions of this section, in the event that the governing instrument of a statutory trust, including a statutory trust which is a registered investment company under the Investment Company Act of 1940, as amended, 15 USC Sections 80a-1 et seq., creates one or more series as provided in subdivision (2) of subsection (b) of section 34-517 and (1) separate and distinct records are maintained for any such series and the assets associated with any such series are held and accounted for separately from the assets of the statutory trust, or any other series thereof, (2) the governing instrument so provides, and (3) notice of the limitation on liabilities of series as referenced in this sentence is set forth in the certificate of trust of the statutory trust, then the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets of such series only and not against the assets of the statutory trust generally.
(P.A. 98-137, S. 35, 62; 98-219, S. 33, 34.)
History: P.A. 98-137, a reenactment of former Sec. 34-508(a), effective July 1, 1998; P.A. 98-219 revised effective date of P.A. 98-137, but without affecting this section.
Structure Connecticut General Statutes
Chapter 615 - Statutory Trusts
Section 34-500. - Short title: Connecticut Statutory Trust Act.
Section 34-501. - Definitions.
Section 34-502a. - Purposes of statutory trust.
Section 34-502b. - Powers and liabilities of statutory trust.
Section 34-503. - Certificate of trust. Filing of documents.
Section 34-504. - Execution of certificates.
Section 34-505. - Effective time and date of certificate.
Section 34-506. - Name of statutory trust. Reservation of name.
Section 34-507. - Appointment of statutory agent for service of process.
Section 34-508. - Service of process.
Section 34-509. - Fees payable to the Secretary of the State.
Section 34-515. - Contributions by beneficial owners.
Section 34-516. - Rights of beneficial owners in property of statutory trust.
Section 34-517. - Management of statutory trust.
Section 34-518. - Existence of statutory trust.
Section 34-519. - Applicability of laws pertaining to trusts. Classification for taxation purposes.
Section 34-520. - Applicability of law re foreign corporation acting as trustee.
Section 34-521. - Merger or consolidation.
Section 34-522. - Derivative actions.
Section 34-523. - Liability of beneficial owners, trustees, officers, employees and managers.
Section 34-524. - Indemnification.
Section 34-530. - Governing law.
Section 34-531. - Registration with Secretary of the State.
Section 34-532. - Appointment of agent for service of process.
Section 34-533. - Service of process on statutory agent.
Section 34-534. - Issuance of registration.
Section 34-536. - Amendment of application for registration.
Section 34-537. - Cancellation of registration.
Section 34-538. - Revocation of certificate of registration.
Section 34-539. - Transaction of business without registration.
Section 34-540. - Activities not constituting transacting business in this state.
Section 34-541. - Action by Attorney General.
Section 34-545. - Reservation of power to amend or repeal.