Section 7-105 Qualification of foreign trustee - Massachusetts Statutes

[Text of section added by 2008, 521, Sec. 9 effective July 1, 2011. See 2008, 521, Sec. 44.]

Section 7-105. [Qualification of Foreign Trustee.]

A foreign corporate trustee is required to qualify as a foreign corporation doing business in the commonwealth if it maintains the principal place of administration of any trust within the commonwealth. A foreign co-trustee is not required to qualify in the commonwealth solely because its co-trustee maintains the principal place of administration in the commonwealth. Unless otherwise doing business in the commonwealth, local qualification by a foreign trustee, corporate or individual, is not required in order for the trustee to receive distribution from a local estate, to hold, invest in, manage or acquire property located in the commonwealth, or to maintain litigation. Nothing in this section affects a determination of what other acts require qualification as doing business in the commonwealth.