Wyoming is business friendly and has been taking efforts to streamline conflicts related to companies doing business in the Cowboy State.
On March 15, 2019, Governor Gordon signed into law an act of the 2019 Wyoming legislature, Senate File 104, which created a Chancery Court – check out the press release issued by the Wyoming Judicial Branch here.
What is the purpose of the Chancery Court?
The Chancery Court is a specialty court of limited jurisdiction which is intended to be a business court, where business-related conflicts are expedited through the judicial process. According to the Wyoming Judicial Branch’s press release, its “purpose is to provide a forum for streamlined resolution of commercial, business, and trust cases.”
What types of cases would go before the Chancery Court?
According to the Wyoming Judicial Branch’s press release, the court would have “jurisdiction to decide actions seeking declaratory or injunctive relief and actions seeking money recovery over $50,000 that arise from claims including breach of contract, breach of fiduciary duty, fraud, derivative actions, the Uniform Commercial Code, and the Uniform Trust Code.”
When will the Chancery Court be established?
Short answer – the ball is starting to roll pretty quickly. The Wyoming Supreme Court has reportedly been charged with establishing the Chancery Court rules and regulations by January 1, 2020 and beginning March 1, 2022, the Chancery Court judge position is to be filled through Wyoming’s constitutional judicial selection process.
What does this mean for your Wyoming business?
TAKEWAY: Among the other favorable aspects of doing business in the Cowboy State, Wyoming has established a specialty business court for commercial/business disputes in excess of $50,000 that will have the expertise to streamline disputes that occur in Wyoming involving business entities.
For more information, check out the following articles: