No bond or other collateral security, except as hereinafter stated, shall be required from any trust company incorporated under this chapter for and in respect to any trust, nor when appointed trustee, guardian, receiver, personal representative, special administrator, committee of the estate of a person with a mental illness or an intellectual disability, or other fiduciary appointment; but the capital stock subscribed for or taken, and all property owned by said company and the amount for which said stockholders shall be liable in excess of their stock, shall be taken and considered as the security required by law for the faithful performance of its duties, and shall be absolutely liable in case of any default whatever; and in case of the insolvency or dissolution of said company, the debts due from the said company as trustee, guardian, receiver, personal representative, special administrator, or committee of the estate of a person with mental illness or an intellectual disability or any other fiduciary appointment shall have a preference.
(Mar. 3, 1901, 31 Stat. 1309, ch. 854, § 745; June 24, 1980, D.C. Law 3-72,§ 207(g), 27 DCR 2155; Apr. 24, 2007, D.C. Law 16-305, § 39(b), 53 DCR 6198; Sept. 26, 2012, D.C. Law 19-169, § 23(c), 59 DCR 5567.)
Prior Codifications1981 Ed., § 26-433.
1973 Ed., § 26-333.
Effect of AmendmentsD.C. Law 16-305 substituted “person with mental illness or mental retardation” for “lunatic or idiot” and “lunatics, idiots”.
The 2012 amendment by D.C. Law 19-169 substituted “an intellectual disability” for “mental retardation” twice.
Editor's NotesSection 35 of D.C. Law 19-169 provided that no provision of the act shall impair any right or obligation existing under law.