Duration

1. Law
2. District of Columbia Code
3. Business Organizations. [Enacted title]
4. Statutory Trusts
5. Governing Law; Authorization; Duration; Powers
6. Duration

(a) Except as otherwise provided in its certificate of trust, a statutory trust:

(1) Has perpetual duration; and

(2) May not be terminated or revoked except in accordance with this chapter or the terms of the trust’s certificate of trust.

(b) A series of a statutory trust may not be terminated or revoked except in accordance with this chapter or the terms of the governing instrument.

(c) The death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner , trustee, or person designated under § 29-1201.03(e)(8) or (9) does not result in the termination or dissolution of a statutory trust or any series thereof.

(d) A statutory trust or any series thereof shall not terminate because the same person is the sole trustee and sole beneficial owner.

(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(E), 59 DCR 13171.)

Section References

This section is referenced in § 29-1201.04.

Effect of Amendments

The 2013 amendment by D.C. Law 19-210 rewrote (a); substituted “series of a statutory trust may” for “statutory trust, or any series thereof, shall” in (b); and substituted “trustee, or person designated under § 29-1201.03(e)(8) or (9) does” for “or trustee shall” in (c).

Editor's Notes

Uniform Law: This section is based on § 306 of the Uniform Statutory Trust Entity Act.

Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.

Download our app to see the most-to-date content.