17-30-602. Beneficial interest.

(a) A beneficiary may have a beneficial interest in the property of the statutory foundation in the form of cash, property, a promissory note or other obligation. A beneficiary may have a beneficial interest in a statutory foundation without making a contribution, or being obligated to make a contribution, to the foundation.

(b) Except to the extent otherwise provided in the governing instrument, a beneficial owner shall have an undivided beneficial interest in the property of the statutory foundation and shall share in the profits or losses of the foundation in the proportion of the entire undivided beneficial interest he owns in the foundation. The governing instrument of a statutory foundation may provide that the foundation or the directors, acting for and on behalf of the foundation, shall be deemed to hold beneficial ownership of any income earned on securities of the foundation issued by any business entities formed, organized or existing under the laws of any jurisdiction, including the laws of any foreign country.

(c) No creditor of the beneficial owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the statutory foundation.

(d) The beneficial interest of a beneficial owner in the statutory foundation is personal property notwithstanding the nature of the property of the foundation. Except to the extent otherwise provided in the governing instrument, a beneficial owner has no interest in specific foundation property.

(e) Except to the extent otherwise provided in the governing instrument, the transferee of the beneficial interest of a beneficial owner in the statutory foundation shall only be entitled to receive the share of profits and the return of contributions to which the beneficial owner otherwise would be entitled. In the absence of the unanimous written consent of the owners of all other beneficial interests and of all directors of the foundation, and except to the extent otherwise provided in the governing instrument, the transferee of the beneficial interest of a beneficial owner shall have no right to participate in or be kept apprised of the affairs of the foundation or to become a beneficial owner of a beneficial interest in the foundation.

(f) Except to the extent otherwise provided in the governing instrument, at the time a beneficial owner becomes entitled to receive a distribution, the owner has the status of, and is entitled to all remedies available to, a creditor of the statutory foundation with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a statutory foundation.