An accounting by a fiduciary usually involves an inventory of assets, debts, income, expenditures, and other items, which is submitted to a court. Such an accounting is used in various contexts, such as administration of a trust, estate, guardianship or conservatorship. Generally, a prior demand by an appropriate party for an accounting, and a refusal by the fiduciary to account, are conditions precedent to the bringing of an action for an accounting.
Delaware Petition to Require Accounting from Testamentary Trustee
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§ 3313A. Excluded cotrustee. (3) The excluded trustee has no duty to monitor the conduct of the cotrustee, provide advice to the cotrustee or consult with or request directions from the cotrustee.
Delaware Statutory Trust Cons In A 1031 Exchange If you have a small rental property not over the $25,000 market value, you may not qualify for the DST. If you do meet this requirement, and invest into a DST, your investment is illiquid. This lack of liquidity could be a Delaware Statutory Trust Con for some people.
381, §§ 4-7; § 3807. Trustee in State; registered agent. (a) Every statutory trust shall at all times have at least 1 trustee which, in the case of a natural person, shall be a person who is a resident of this State or which, in all other cases, has its principal place of business in this State.
Section 3816 - Derivative actions (a) A beneficial owner may bring an action in the Court of Chancery in the right of a statutory trust to recover a judgment in its favor if persons with authority to do so have refused to bring the action or if an effort to cause those persons to bring the action is not likely to ...
(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 of a statutory trust, a beneficial owner has no interest in specific statutory trust property.
§ 3807. Trustee in State; registered agent. (a) Every statutory trust shall at all times have at least 1 trustee which, in the case of a natural person, shall be a person who is a resident of this State or which, in all other cases, has its principal place of business in this State.
Like all real estate investments, investing in Delaware Statutory Trusts involve many of the same risks, including potential lack of return and loss of principal. As long-term, income-focused investments, DST performance is largely dependent upon the tenants' ability to pay rent.
The Delaware Act provides that, except as provided for in the governing instrument, the statutory trust shall have perpetual existence, and a statutory trust may not be terminated or revoked by a beneficial owner or other person except in ance with the terms of its governing instrument. 12 Del. C. §3808(a).