Massachusetts General Laws ch. 203E sec. 113 – Qualification of foreign trustee
Section 113. Qualification of foreign trustee
Terms Used In Massachusetts General Laws ch. 203E sec. 113
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Trustee: A person or institution holding and administering property in trust.
A foreign corporate trustee shall qualify as a foreign corporation doing business in the commonwealth if it maintains the principal place of administration of any trust within the commonwealth. A foreign co-trustee shall not be required to qualify in the commonwealth solely because its co-trustee maintains the principal place of administration in the commonwealth. Unless otherwise doing business in the commonwealth, local qualification by a foreign trustee, corporate or individual, shall not be required for the trustee to receive distribution from a local estate, to hold, invest in, manage or acquire property located in the commonwealth or to maintain litigation. Nothing in this section shall affect a determination of what other acts require qualification as doing business in the commonwealth.
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