Direct action by beneficial owner

1. Law
2. District of Columbia Code
3. Business Organizations. [Enacted title]
4. Statutory Trusts
5. Beneficial Owners
6. Direct action by beneficial owner

A beneficial owner may maintain a direct action against a statutory trust to redress an injury sustained by, or to enforce a duty owed to, the beneficial owner only if the owner can plead and prove an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the statutory trust.

(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(F), 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 the section.

Editor's Notes

Uniform Law: This section is based on § 609 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.

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