Known claims against dissolved statutory trust

1. Law
2. District of Columbia Code
3. Business Organizations. [Enacted title]
4. Statutory Trusts
5. Dissolution and Winding Up
6. Known claims against dissolved statutory trust

(a) Except as otherwise provided in subsection (c) of this section, a dissolved statutory trust may give notice of a known claim which has the effect provided in subsection (b) of this section. The trust may, in a record, notify its known claimants of the dissolution. The notice shall:

(1) Specify the information required to be included in the claim;

(2) Provide a mailing address to which the claim is to be sent;

(3) State the deadline for receipt of the claim, which shall not be less than 120 days after the date the notice is sent to the claimant; and

(4) State that the claim will be barred if not received by the deadline.

(b) A claim against a dissolved statutory trust is barred if the requirements of subsection (a) of this section are met and:

(1) The claim is not received by the specified deadline; or

(2) If the claim is timely received but rejected by the trust:

(A) The trust notifies the claimant in a record that the claim is rejected and will be barred unless the claimant commences an action against the trust to enforce the claim not later than the 90th day after the claimant receives the notice; and

(B) The claimant does not commence the required action not later than the 90th day.

(c) This section shall not apply to a claim based on:

(1) An event occurring after the effective date of dissolution; or

(2) A liability that on that date is contingent.

(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(8)(C), 59 DCR 13171.)

Section References

This section is referenced in § 29-1206.15, § 29-1208.03, and § 29-1208.05.

Effect of Amendments

The 2013 amendment by D.C. Law 19-210 substituted “Known claims against dissolved statutory trust” for “Notice to claimant” in the section heading; substituted “give notice of a known claim which has the effect provided in subsection (b) of this section. The trust may, in a record, notify its known claimants of the dissolution” for “dispose of a known claim against it by sending notice to the claimant in a record of the dissolution of the trust” in (a); and deleted “unmatured or” preceding “contingent” in (c)(2).

Editor's Notes

Uniform Law: This section is based on § 804 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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