In In re Jenzabar, Inc. Derivative Litigation, No. 4521 (Del. Ch. Aug 8, 2014), the Delaware Chancery Court, applying Massachusetts law, held that an expired trust that “still holds assets on behalf of its beneficiary” “can take only those actions related to preserving its assets for purposes of distribution and wind-up, together with those actions for which the trust instrument specifically provides.”  According to the Chancery Court, such actions would include “defensive litigation,” but “not the maintenance of the derivative litigation contemplated” in Jenzabar.  Specifically, in Jenzabar, a trust holding Jenzabar stock, but which terminated in 2002 by the terms of its trust instrument, sought to intervene during the approval of a derivative action settlement against Jenzabar and several of directors.  The defendants subsequently challenged the standing of the trust to intervene.  The Chancery Court granted the defendants’ motion to dismiss, holding that the terminated trust lacked standing to intervene because the intervention was not  “necessary to preserve Trust assets” and because the trust instrument did not explicitly permit the trust to pursue derivative litigation.