SB194 Summary

• Allows beneficial interests in statutory trusts to be registered electronically, including through distributed electronic networks or databases (blockchain technology).

• Permits beneficial owners and trustees to vote and grant proxies by electronic transmission, including through electronic networks or databases.

• Allows statutory trust records to be maintained electronically through any information storage device or distributed electronic networks or databases.

• Clarifies liability protections for officers, employees, managers, and delegates acting on behalf of statutory trusts, and establishes standards of care for trustees delegating duties to others.

• Makes technical corrections throughout the statute, including replacing undefined term "entity" with the defined term "person" and clarifying provisions related to merger, consolidation, conversion, and domestication of statutory trusts.