47-14A-21. Beneficial owner entitled to distribution becomes creditor of business trust.
73 words·~1 min read·
/sd/title-47/chapter-47-14/47-14a-21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except to the extent otherwise provided in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.