Surely we’ve all heard this maxim, and in a forthcoming article, Jonathan J. Ossip reminds us that when federal diversity for trusts is concerned, the key word is “you.” In Navarro Savings Association v. Lee,1 the federal district court dismissed an action filed by the trustees of a Massachusetts business trust on their own behalf, holding that a business trust is a citizen of every state where its shareholders reside (which, on the facts, destroyed diversity). The U.S. ...

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