Delaware Code Title 12 Sec. 3340 – Place of administration
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For purposes of this title, a trust shall be deemed to be administered in this State if:
(1) The sole trustee is an individual residing in this State or a corporation or other entity having an office for the conduct of trust business in this State;
(2) The trust has more than 1 trustee only 1 of which is a corporation or other entity and that corporation or other entity has an office for the conduct of trust business in this State; or
(3) The trust has more than 1 trustee all of whom are individuals and 1/2 or more of whom reside in this State.
Terms Used In Delaware Code Title 12 Sec. 3340
- 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.
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, a federally recognized Indian tribe, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 39A-101
- Trustee: A person or institution holding and administering property in trust.