Sec. 34-523. Liability of beneficial owners, trustees, officers, employees and managers. - Connecticut Statutes

State Codes and Statutes

Statutes > Connecticut > Title34 > Chap615 > Sec34-523

      Sec. 34-523. Liability of beneficial owners, trustees, officers, employees and managers. (a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners of a statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of domestic corporations.

      (b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

      (c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to subdivision (7) of subsection (b) of section 34-517, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

      (P.A. 96-271, S. 223, 254.)

      History: P.A. 96-271 effective October 1, 1997.

State Codes and Statutes

Statutes > Connecticut > Title34 > Chap615 > Sec34-523

      Sec. 34-523. Liability of beneficial owners, trustees, officers, employees and managers. (a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners of a statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of domestic corporations.

      (b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

      (c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to subdivision (7) of subsection (b) of section 34-517, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

      (P.A. 96-271, S. 223, 254.)

      History: P.A. 96-271 effective October 1, 1997.

State Codes and Statutes

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State Codes and Statutes

Statutes > Connecticut > Title34 > Chap615 > Sec34-523

      Sec. 34-523. Liability of beneficial owners, trustees, officers, employees and managers. (a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners of a statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of domestic corporations.

      (b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

      (c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to subdivision (7) of subsection (b) of section 34-517, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

      (P.A. 96-271, S. 223, 254.)

      History: P.A. 96-271 effective October 1, 1997.