Definition of "business trust."

A business trust is an express trust created by a written declaration of trust whereby property is conveyed to one or more trustees, who hold and manage the same for the benefit and profit of such persons as may be or become the holders of transferable certificates evidencing the beneficial interest in the trust estate.

(Acts 1961, Ex. Sess., No. 251, p. 2263, §1; §19-3-60; amended and renumbered by Act 2009-513, p. 967, §318.)