Grand Acquisition, LLC v. Passco Indian Springs DST

OPINION

MONTGOMERY-REEVES, Vice Chancellor.

In this action, a beneficial owner of a Delaware statutory trust seeks to inspect certain of the trust’s books and records. The beneficial owner requested inspection under both Section 5.3(c) of the trust’s governing agreement and 12 Del. C. § 3819, the books and records provision of the Delaware Statutory Trust Act. The trust denied the beneficial owner’s 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…