[extropy-chat] New Hampshire Trusts

[Mike Lorrey]

In regards to my prior comments about the perpetuity of New Hampshire
trusts as well as the ability to roll any and all trust assets, etc.
into a new trust, I present the following:

http://www.gencourt.state.nh.us/rsa/html/XXVII/293-B/293-B-9.htm

" 293-B:9 Existence of New Hampshire Investment Trust. – 
    I. A New Hampshire investment trust shall exist as a separate legal
entity. 
    II. Except to the extent otherwise provided in the governing
instrument of the New Hampshire investment trust, the New Hampshire
investment trust shall have perpetual existence. 
    III. Except to the extent otherwise provided in the governing
instrument of a New Hampshire investment trust, the death, incapacity,
dissolution, termination or bankruptcy of a beneficial owner shall not
result in the termination or dissolution of a New Hampshire investment
trust. "

http://www.gencourt.state.nh.us/rsa/html/XXVII/293-B/293-B-7.htm

"293-B:7 Management of a New Hampshire Investment Trust
II. A governing instrument may contain any provision relating to the
management of the business or investment affairs of the New Hampshire
investment trust, and the rights, duties and obligations of the
trustees, beneficial owners and other persons, which is not contrary to
any provision or requirement of this chapter and, without limitation: 
..
(h) May provide for the present or future creation of more than one New
Hampshire investment trust, including the creation of a future New
Hampshire investment trust to which all or any part of the assets,
liabilities, profits or losses of any existing New Hampshire investment
trust will be transferred, and for the conversion of beneficial
interests in an existing New Hampshire investment trust, or series
thereof, into beneficial interests in the separate New Hampshire
investment trust, or series thereof. "

It turns out that the comments about limitations on perpetuities based
on common law applies to common law trusts, and not statutory trusts
such as described here. This statute recognises the pre-existence of
common law trusts and does not seek to supplant them, but instead seeks
to provide some benefits (like perpetuity) that common law trusts do
not enjoy.

This being said, since a NHIT's existence owes itself to the existence
of the State of New Hampshire, the elimination of said government, or
this statute, could be expected to be a true terminating event on the
life of a NHIT. The NHIT organizing bylaws could require that in the
event that the NHIT authorizing statute ceases to exist, that the trust
is to be rolled into a common law trust.

It thus appears that NH Investment Trusts are a superior investment
instrument for cryonauts to preserve assets into the distant future.

Should Alcor find that Arizona becomes untenable for further cryonics
work without onerous regulation intended to eliminate the practice of
cryonics, I think that New Hampshire would be very welcoming to Alcor.
I have discussed this situation with a good friend who works for
Governor Craig Benson, and he has said that he is confident that Alcor
would be welcome here.

I also have a possible location that would be ideal for long term
storage of cryonauts which would provide security even against close
nuclear strikes.... as well as a location at Manchester International
Airport for processing of airlifted clients.

Feel free to pass this on to other cryonics lists and fora.


=====
Mike Lorrey
Chairman, Free Town Land Development
"Live Free or Die, Death is not the Worst of Evils."
                                       - Gen. John Stark
Sado-Mikeyism: http://mikeysoft.zblogger.com

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