House Bill 364 signed by the governor July 23 and effective August 1 amends the Statutory Trust Act to clarify that a defense of usury shall not apply to obligations of a beneficial owner or trustee of a statutory trust owed to a beneficial owner or trustee of a statutory trust when the obligations arise under the governing instrument or a separate agreement in writing; clarify that a governing instrument of a statutory trust may designate a threshold number of trustees whose vote is required to approve any action on behalf of a trust; clarify that when the governing instrument is silent the default threshold will be a majority of the trustees; clarify that otherwise provided in a governing instrument, a person who is not then a beneficial owner may consent to any matter as a beneficial owner provided that such consent will only be effective at a time when such person is a beneficial owner of the statutory trust;  clarify that a person who is not then a trustee may consent to any matter as a trustee provided that such consent will only be effective at a time when such person is a trustee of the statutory trust; provide that an investment company maintaining a registered office and registered agent in the State under § 3807(b) need only provide an address in the State, rather than a business address in the State to comply with the requirements of § 3810(a)(1)b; restrict the use of the word “bank” in the name of a statutory trust; allow the rights or securities of, or interests in, a statutory trust or other business entity which is a constituent party to a merger or consolidation to remain outstanding upon such merger or consolidation; allow the rights or securities of, or interests in, the other business entity which is converted into a statutory trust to remain outstanding upon such conversion; allow the rights or securities of, or interests in, a statutory trust which is to be converted to an other business entity to remain outstanding upon such conversion; allow the rights or securities of, or interests in, a non-United States entity which is to be domesticated as a domestic statutory trust to remain outstanding upon such domestication; and allow the rights or securities of, or interests in, a statutory trust which is to be transferred to or domesticated in another jurisdiction to remain outstanding upon such transfer or domestication.

Delaware – HB 364 amends the Statutory Trust Act effective August 1