Delaware Code Title 12 Sec. 3857 – Doing business without registration
(a) A foreign statutory trust doing business in the State may not maintain any action, suit or proceeding in the State until it has registered in the State, and has paid to the State all fees and penalties for the years or parts thereof, during which it did business in the State without having registered.
Terms Used In Delaware Code Title 12 Sec. 3857
- Contract: A legal written agreement that becomes binding when signed.
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- 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
- 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.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The failure of a foreign statutory trust to register in the State does not:
(1) Impair the validity of any contract or act of the foreign statutory trust;
(2) Impair the right of any other party to the contract to maintain any action, suit or proceeding on the contract; or
(3) Prevent the foreign statutory trust from defending any action, suit or proceeding in any court of the State.
(c) A beneficial owner or a trustee of a foreign statutory trust is not liable for the obligations of the foreign statutory trust solely by reason of the statutory trust’s having done business in the State without registration.
(d) Any foreign statutory trust doing business in the State without first having registered shall be fined and shall pay to the Secretary of State $200 for each year or part thereof during which the foreign statutory trust failed to register in the State.