“Beneficial interest in the trust is not represented by transferrable shares” means, for the purposes of Rev 802.02, an interest in an organization:

1. (a) Where property is placed in the hands of a trustee who:

   1. (1) Acts apart from the beneficiaries; and
   2. (2) Manages and deals with the property as principal for the use and benefit of the beneficiaries;
2. (b) Where the shares, equity interests, and all ownership rights are not transferable without obtaining prior member approval or causing a dissolution of the organization; and

3. (c) Which is not a:

   1. (1) Corporation;
   2. (2) Joint stock company;
   3. (3) Business trust;
   4. (4) Common law trust;
   5. (5) Massachusetts trust;
   6. (6) Real estate investment trust; or
   7. (7) Homeowners or condominium association.

Source. #5300, eff 12-26-91; ss by #6691, eff 2-21-98, EXPIRED: 2-21-06 New. #8579, eff 3-8-06; ss by #10665, eff 9-9-14; ss by #14071, eff 9-10-24