A derivative action to enforce a right of a statutory trust may be maintained only by a person that is a beneficial owner at the time the action is commenced and:
(1) Was a beneficial owner when the conduct giving rise to the action occurred; or
(2) Whose status as a beneficial owner devolved upon the person by operation of law or pursuant to the terms of the governing instrument from a person that was a beneficial owner at the time of the conduct.
(Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171.)
Editor's NotesApplication of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.