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Chapter 23.90 RCW

MASSACHUSETTS TRUSTS

RCW Sections

23.90.010Short title.
23.90.020Massachusetts trust defined.
23.90.030Form of association authorized.
23.90.040Filing trust instrument, effect -- Powers and duties of trust.
23.90.050Fees for services by secretary of state.
23.90.060Indemnification of agents of any corporation authorized.
23.90.900Severability -- 1959 c 220.

Notes:

Revolving fund of secretary of state, deposit of moneys for costs of carrying out secretary of state's functions under this chapter: RCW 43.07.130.


23.90.010
Short title.

This chapter may be known and cited as the "Massachusetts Trust Act of 1959".

[1959 c 220 § 1.]




23.90.020
Massachusetts trust defined.

A Massachusetts trust is an unincorporated business association created at common law by an instrument under which property is held and managed by trustees for the benefit and profit of such persons as may be or may become the holders of transferable certificates evidencing beneficial interests in the trust estate, the holders of which certificates are entitled to the same limitation of personal liability extended to stockholders of private corporations.

[1959 c 220 § 2.]




23.90.030
Form of association authorized.

A Massachusetts trust is permitted as a recognized form of association for the conduct of business within the state of Washington.

[1959 c 220 § 3.]




23.90.040
Filing trust instrument, effect — Powers and duties of trust.

(1) Any Massachusetts trust desiring to do business in this state shall file with the secretary of state a verified copy of the trust instrument creating such a trust and any amendment thereto, the assumed business name, if any, and the names and addresses of its trustees.

     (2) Any person dealing with such Massachusetts trust shall be bound by the terms and conditions of the trust instrument and any amendments thereto so filed.

     (3) Any Massachusetts trust created under this chapter or entering this state pursuant thereto shall pay such taxes and fees as are imposed by the laws, ordinances, and resolutions of the state of Washington and any counties and municipalities thereof on domestic and foreign corporations, respectively, on an identical basis therewith. In computing such taxes and fees, the shares of beneficial interest of such a trust shall have the character for tax purposes of shares of stock in private corporations.

     (4) Any Massachusetts trust shall be subject to such applicable provisions of law, now or hereafter enacted, with respect to domestic and foreign corporations, respectively, as relate to the issuance of securities, filing of required statements or reports, service of process, general grants of power to act, right to sue and be sued, limitation of individual liability of shareholders, rights to acquire, mortgage, sell, lease, operate and otherwise to deal in real and personal property, and other applicable rights and duties existing under the common law and statutes of this state in a manner similar to those applicable to domestic and foreign corporations.

     (5) The secretary of state, director of licensing, and the department of revenue of the state of Washington are each authorized and directed to prescribe binding rules and regulations applicable to said Massachusetts trusts consistent with this chapter.

[1981 c 302 § 3; 1979 c 158 § 88; 1967 ex.s. c 26 § 21; 1959 c 220 § 4.]

Notes:

     Severability -- 1981 c 302: See note following RCW 19.76.100.

     Effective date -- 1967 ex.s. c 26: See note following RCW 82.01.050.




23.90.050
Fees for services by secretary of state.

See RCW 43.07.120.




23.90.060
Indemnification of agents of any corporation authorized.

See RCW 23B.17.030.




23.90.900
Severability — 1959 c 220.

Notwithstanding any other evidence of legislative intent, it is declared to be the controlling legislative intent that if any provision of this chapter, or the application thereof to any person or circumstances is held invalid, the remainder of the chapter and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.

[1959 c 220 § 5.]