The Delaware Court of Chancery has ruled that a beneficial owner’s ability to request for books and records from a statutory trust was a contractual right not subject to certain preconditions and defenses under the Delaware Statutory Trust Act.
Because the prevailing 2011 trust agreement did not expressly include the statutory defenses, the trust had established an unconditional contractual right for owners to review the trust’s books and records, Vice Chancellor Tamika Montgomery-Reeves ruled Aug. 26 in a 29-page opinion that resolved a nearly yearlong dispute between the Kentucky-based Delaware statutory trust Passco Indian Springs DST and Grand Acquisition, which owned 0.186 percent of its Class A interests.
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