The failure of a foreign business trust to register in the state does not:

1. (1) Impair the validity of any contract or act of the foreign business trust;
2. (2) Impair the right of any other party to the contract to maintain any action, suit, or proceeding on the contract; or
3. (3) Prevent the foreign business trust from defending any action, suit, or proceeding in any court of the state.

Source: SL 2001, ch 245 , § 109.