(a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners of a statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of domestic corporations.
(b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.
(c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to subdivision (7) of subsection (b) of section 34-517, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.
(P.A. 96-271, S. 223, 254.)
History: P.A. 96-271 effective October 1, 1997.
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.