Ownership of an FAA registered aircraft by a trust arrangement does not actually have anything to do with the geographical location of the craft. .......The fact that most are situated outside the 48 contiguous is mere coincidence.
I disagree that the trustee arrangements do not have any relationship to the geographic of the aircraft and it is mere coincidence that the majority of N-Reg aircraft registered by trustees are based outside the states. The trustee arrangements are designed to allow individuals and companies which are not qualified to register aircraft to do so. These are usually non US citizens who are not resident in the US or non US companies who do not do the majority of their flying in the US.
IO510
I was little confused by your question then I am often confused. I assume that you are trying to relate this to the US fractional ownership schemes but they do not fit in with the scenarios you describe. Under these schemes you buy a share in an aircraft but the aircraft is managed and operated by the company which markets the scheme. The aircraft managed under the scheme are pooled (and this could be several hundered aircraft) and when you call on the services of the aircraft it is very unlikely that you will fly on the aircraft which you own a fraction of.