Delaware Code Title 12 Sec. 3526 – Release of obligation to file accounts
(a) Without the approval of the Court of Chancery, a trustee or trustees (in either case hereafter referred to as “trustee”) who would otherwise be required under §§ 3521-3524 of this title to file with the Register in Chancery just and true accounts for the approval of the Court of Chancery may be released from such obligation by the interested parties of the trust if the trustee sends a written notice and request for waiver and consent or nonobjection to the interested parties, which notice shall:
(1) Describe the obligation of the trustee under §§ 3521-3524 of this title and identify the alternative means by which the trustee will provide the beneficiaries with the information formerly set forth in the account;
(2) Request the interested person waive the obligations under §§ 3521-3524 of this title with respect to the trust and consent, or signify such person’s nonobjection, to the alternative means described in the notice for the dissemination of trust information; and
(3) Request that a waiver and consent or nonobjection be executed by:
a. The interested party personally;
b. The interested party’s attorney ad litem;
c. A person authorized to represent the interested party under § 3547 of this title or any successor statute; or
d. A person authorized by applicable law to represent the interested party in transactions involving the trust (such as, but not limited to, the interested party’s attorney-in-fact or the Attorney General in the case of certain charitable beneficiaries).
Terms Used In Delaware Code Title 12 Sec. 3526
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Party: means the respondent, petitioner, guardian, conservator, or any other person allowed by the Court to participate in a guardianship or protective proceeding. See Delaware Code Title 12 Sec. 39A-101
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
In addition, such waiver and consent or nonobjection shall: (i) be acknowledged by a person authorized to notarize documents (or a similar official if a document is signed in a foreign jurisdiction) or witnessed by a person who is not an interested party; and (ii) affirm that the party executing the waiver and consent or nonobjection has read, understood, and been provided with an opportunity to consult with counsel regarding the waiver and consent or nonobjection and the information provided therein.
(b) For purposes of subsection (a) of this section, the “interested parties” means:
(1) The trustor of the trust, if living;
(2) All living persons who are currently receiving or eligible to receive distributions of income of the trust;
(3) Without regard to the exercise of any power of appointment, all living persons who would receive principal of the trust if the trust were to terminate at the time of the giving of such notice and all living persons who would receive or be eligible to receive distributions of income or principal of the trust if the interests of all of the beneficiaries currently eligible to receive income under paragraph (b)(2) of this section were to terminate at the time of the giving of such notice; and
(4) All persons acting as adviser or protector of the trust.
(c) Any release of the obligations under §§ 3521-3524 of this title obtained in accordance with the provisions of subsection (a) of this section shall release the trustee from the reporting obligations of §§ 3521-3524 of this title for the duration of the trust, unless a shorter period of time is specified in the written notice provided to the interested parties or an order of a court of competent jurisdiction provides otherwise.
(d) Upon being released from the obligations under §§ 3521-3524 of this title in accordance with provisions of subsection (a) of this section, the trustee shall provide notice of such release to the Register in Chancery in the county in which the trustee would otherwise have filed the accountings required under §§ 3521-3524 of this title, which notice shall include as exhibits copies of the requisite executed notices and requests for waiver and consent or nonobjection of the interested parties.
25 Del. Laws, c. 226, § ?2; 26 Del. Laws, c. 258, § ?1; Code 1915, § ? 3874; 40 Del. Laws, c. 232, § ?1; Code 1935, § ?4400; 12 Del. C. 1953, § ?3521; 51 Del. Laws, c. 326; 79 Del. Laws, c. 197, § ?2; 79 Del. Laws, c. 352, § ?4; 80 Del. Laws, c. 153, § ?4;