Kansas Statutes 17-2028. efinitions
For the purposes of this act:
(a) A “business trust” is an unincorporated business association of the type which at common law was known as a “common-law trust,” “business trust,” or “Massachusetts trust,” created by a trust instrument under which property is held, managed, administered, controlled, invested, reinvested, and operated by trustees for the benefit and profit of such persons as are or may become the holders of transferable certificates evidencing beneficial interests in the trust estate, the holders of which certificates are entitled to the same limitation of personal liability extended to stockholders of private corporations for profit;
Terms Used In Kansas Statutes 17-2028
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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.
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(b) a “domestic” business trust is one created under the laws of this state;
(c) a “foreign” business trust is one created under the laws of a foreign country or of a territory or state other than Kansas; and
(d) the “corpus” of any business trust is equivalent to the capital and accumulated earnings or earned surplus of a corporation.