§ 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.]
Sections: Previous 23.90.010 23.90.020 23.90.030 23.90.040 23.90.050 23.90.060 23.90.900 NextLast modified: April 7, 2009