A Delaware Certificate of Correction of Statutory Trust is a legal document used to make amendments or corrections to an existing Delaware Statutory Trust. The Certificate is filed with the Delaware Secretary of State and serves to legally confirm a change to the trust’s formation documents, such as the trust’s name, trustee, beneficiary, or other information. There are three types of Delaware Certificate of Correction of Statutory Trust: Certificate of Correction of Statutory Trust, Certificate of Restatement of Statutory Trust, and Certificate of Merger of Statutory Trusts. The Certificate of Correction is used to make amendments or changes to the trust’s governing instrument; the Certificate of Restatement is used to restate the trust’s governing instrument in its entirety; and the Certificate of Merger is used to merge multiple Delaware Statutory Trusts into a single trust.
Delaware Certificate of Correction of Statutory Trust
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How to fill out Delaware Certificate Of Correction Of Statutory Trust?
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FAQ
Delaware Statutory Trusts typically require a minimum investment of $100,000, and an investor can acquire or exchange into ownership in one or multiple DSTs. DST real estate is generally held for 3 to 10 years.
Section 3806 - Management of statutory trust (a) Except to the extent otherwise provided in the governing instrument of a statutory trust, the business and affairs of a statutory trust shall be managed by or under the direction of its trustees.
(a) Except to the extent otherwise provided in the governing instrument of the statutory trust, a beneficial owner shall have an undivided beneficial interest in the property of the statutory trust and shall share in the profits and losses of the statutory trust in the proportion (expressed as a percentage) of the
Unless otherwise specified by its governing instrument, dissolution of a DST requires filing a certificate of cancellation per section 3810(d). The certificate of cancellation is filed with the office of the Secretary of State. Section 3810(d) does outline additional methods for dissolution.
The Delaware Statutory Trust Act (DSTA) states the trust is a separate legal entity and no creditor of a beneficial owner has any right to obtain possession of any of the property belonging to the trust (See 12 §3805(b)).
§ 3807. Trustee in State; registered agent Effective until Aug. 1, 2023. (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.
A DST is formed by filing a certificate of trust with the Office of the Secretary of State of the State of Delaware. This certificate states only the name of the trust and the name and address of the Delaware trustee.