Real Estate Tip – Uniform Statutory Trust Entity Act: Citizenship vs. State

Real Estate Tip – September 12, 2013
Rick Smith, Bernstein Shur, Real Estate Practice Group
& Member of the Maine Real Estate & Development Association (MEREDA)

Trusts can be a good choice for real estate ownership. Delaware, Connecticut and states that have adopted the Uniform Statutory Trust Entity Act allow “statutory trusts” and some “business trusts” to own real estate in their own names, as opposed to only in the trustee’s name. Maine real estate practice generally treats these trusts as corporations when the trust is a legal entity under its state law. However, read more

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