Grand Aquisition, LLC v. Passco Indian Springs DST
Annotate this CaseAfter a beneficial owner (Grand Acquisition) of a Delaware statutory trust sought to inspect certain of the trust's books and records, the trust (Passco Trust) denied the request, arguing that the form of the request and the motivations underlying the request both were improper. The bulk of the parties’ dispute centers on whether the trust agreement incorporates the statutory requirements of 12 Del. C. 3819 and, if so, whether the beneficial owner has satisfied those requirements. In this case, the court concluded that Grand Acquisition is entitled to the requested information under its contractual demand where the owners' right to books and records under the Trust Agreement is not subject to the Delaware Statutory Trust Act's, 12 Del. C. 3801-3826, preconditions and defenses, the owners' right to books and records under the Trust Agreement includes the requested information, and Passco Trust has failed to prove its implied improper purpose defense. Accordingly, The court granted Grand Acquisition's motion for summary judgment and denied Passco Trust's motion for summary judgment.
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