DE HB364

Clarifies that usury defense does not apply to obligations of beneficial owners or trustees owed to other beneficial owners or trustees under the governing instrument or written agreement.

Allows governing instruments to specify a threshold number or percentage of trustees required to approve actions, with majority vote as the default when silent.

Permits persons to consent to matters as beneficial owners or trustees before becoming beneficial owners or trustees, with consent effective only upon achieving that status.

Allows rights, securities, or interests in constituent business entities to remain outstanding during mergers, consolidations, conversions, domestications, and transfers to other jurisdictions.

Restricts use of the word "bank" in statutory trust names, except for actual banks regulated by the State Bank Commissioner or entities under federal banking laws.