Bill > HB298

This bill makes several amendments to Title 12 of the Delaware Code concerning statutory trusts, which are legal entities created under Delaware law. Key changes include clarifying that a subscription for a beneficial interest in a statutory trust is irrevocable if stated as such, expanding the scope of individuals protected from personal liability to include "advisers," and reinforcing that a beneficial owner's interest is personal property, not an interest in specific trust assets. The bill also modifies provisions related to the management and amendment of governing instruments, the ratification or waiver of void or voidable acts, and the dissolution and revocation of dissolution for statutory trusts and their series. Furthermore, it updates requirements for registered agents, clarifies procedures for filing certificates of trust, merger, consolidation, and division, and introduces new definitions and rules related to "control beneficial interest acquisitions," which concern the acquisition of significant voting power within a statutory trust. The bill also specifies when certain acquisitions are not considered "control beneficial interest acquisitions" and refines the definition of "control beneficial interests" and "interested beneficial interests," along with rules for disclosure and voting procedures related to these acquisitions, with an effective date of August 1, 2026.