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CALIFORNIA CORPORATE & SECURITIES LAW

Staff Addresses Family Trusts With Multistate Trustees

When the Securities and Exchange Commission two years ago proposed amendments to Rule 147 and adoption of Rule 147A, I commented on an issue that I foresaw with respect to family and other non-business trusts: Proposed Rule 147 does not address how the residency of non-business trusts should be determined. Many individual investors purchase securities by…

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