Del. C. » Title 12 — Fiduciary Relations · CHAPTER 38. Treatment of Delaware Statutory Trusts · Decedents’ Estates and Fiduciary Relations
Delaware Code

12 Del. C. § 3803 (2026)

Liability of beneficial owners and trustees [Effective Aug. 1, 2026]

✓ current as of May 2026
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(a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State.

(b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

(c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager, “adviser” (as defined in § 3313 of this title), or other person acting pursuant to § 3806(b)(7) or (i) of this title, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a trustee or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

(d) No obligation of a beneficial owner or trustee of a statutory trust to the statutory trust, or to a beneficial owner or trustee of the statutory trust, arising under the governing instrument or a separate agreement in writing, and no note, instrument or other writing evidencing any such obligation of a beneficial owner or trustee, shall be subject to the defense of usury, and no beneficial owner or trustee shall interpose the defense of usury with respect to any such obligation in any action.

66 Del. Laws, c. 279, §  1;  67 Del. Laws, c. 297, §§  1, 2;  68 Del. Laws, c. 404, §  5;  69 Del. Laws, c. 265, §  1;  70 Del. Laws, c. 548, §  3;  73 Del. Laws, c. 329, §  1;  79 Del. Laws, c. 355, §  1;  81 Del. Laws, c. 352, § 3;  85 Del. Laws, c. 302, § 2; 
Notes of Decisions
Cited in 3 cases (3 in the last 5 years), 2024–2026 · leading case: Est. of Norman Frank v. GWG DLP Master Trust Dated 03/01/06 (D. Del. 2024).
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Est. of Norman Frank v. GWG DLP Master Trust Dated 03/01/06 (D. Del. 2024). · cites it 2× “Wells Fargo contends that it is being sued only in its capacity as a trustee of the trust that received the insurance proceeds and that the § 2704(b) claim against it is therefore barred by the Delaware Statutory Trust Act, 12 Del. C. § 3803(b), (c).4 Plaintiff does not appear…”
Keynetics Inc. v. Keynetics Shareholder Trust (Del. Ch. 2025). “12 Del. C. § 3803(b). In this case, however, the governing instrument of the Delaware Trust provides as follows: The Trustee will assume responsibility for all costs of the Trust’s duties relating to a Participant’s Investments, and for management of the Trust’s operation.”
Est. of Martha Barotz v. Wilmington Sav. Fund Soc'y, FSB (Del. Ch. 2026). “56 12 Del. C. § 3803(b). 29 None of the pertinent trust instruments “otherwise provided.”
12 Del. C. § 3803(b): 3 cases
Est. of Norman Frank v. GWG DLP Master Trust Dated 03/01/06 (D. Del. 2024). “Wells Fargo contends that it is being sued only in its capacity as a trustee of the trust that received the insurance proceeds and that the § 2704(b) claim against it is therefore barred by the Delaware Statutory Trust Act, 12 Del. C. § 3803(b), (c).4 Plaintiff does not appear…”
Keynetics Inc. v. Keynetics Shareholder Trust (Del. Ch. 2025). “12 Del. C. § 3803(b). In this case, however, the governing instrument of the Delaware Trust provides as follows: The Trustee will assume responsibility for all costs of the Trust’s duties relating to a Participant’s Investments, and for management of the Trust’s operation.”
Est. of Martha Barotz v. Wilmington Sav. Fund Soc'y, FSB (Del. Ch. 2026). “56 12 Del. C. § 3803(b). 29 None of the pertinent trust instruments “otherwise provided.”
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