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On June 15, 1990, Donna L. Chisum as “Settlor” and Four WS
TT01 as “First Trustee” executed a document (the original
indenture)6 purporting to create “Universal Trust 06-15-90”
(i.e., petitioner). The original indenture stated that
petitioner was a “COMMON LAW BUSINESS TRUST ORGANIZATION, also
known as a CONTRACTUAL COMPANY * * * with certain assets to be
administered by the Trustee for capital Unit Holders represented
by Certificates in accordance with the inalienable Common Law
rights afforded to man.” Notwithstanding this language
purporting to create a trust, the original indenture also stated
that “It is expressly declared that an Unincorporated Business
Organization by Contract is hereby created and not a trust
agreement by gift, or a partnership, or a company, or a
corporation, or a joint venture, or any entity of statutory
nature”. (Emphasis added.) The original indenture further
stated that petitioner “shall be originally domiciled in and
shall be interpreted and construed under the Constitution of the
United States and the laws of the State of NEVADA.”
Other documents also dated June 15, 1990, show that all 100
“capital units” in petitioner that could be issued were issued on
that date to Mr. Johnston and Ms. Ghavami. These documents state
6 We use the term “indenture” for convenience and not to
suggest that petitioner should be recognized as a trust for State
law or Federal income tax purposes.
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Last modified: May 25, 2011