(a) A dissolved statutory trust may publish notice of its dissolution and request persons having claims against the trust to present them in accordance with the notice.
(b) A notice under subsection (a) of this section shall:
(1) Be published at least once in a newspaper of general circulation in the District or, if it has no principal office in the District, in the city in which the trust’s principal office is or was last located;
(2) Describe the information required for a claim;
(3) Provide a mailing address to which the claim may be sent; and
(4) State that a claim against the trust shall be barred unless an action to enforce the claim is commenced not later than 3 years after publication of the notice.
(c) If a dissolved statutory trust publishes a notice in accordance with subsection (b) of this section, the claim of each of the following claimants is barred unless the claimant commences an action to enforce a claim against the trust not later than 3 years after the publication date of the notice:
(1) A claimant that did not receive notice in a record under § 29-1208.04;
(2) A claimant whose claim was timely sent to the trust but was rejected or not acted on; and
(3) A claimant whose claim is contingent at, or based on an event occurring after, the effective date of dissolution.
(d) A claim not barred under this section or § 29-1208.04 may be enforced against:
(1) A dissolved statutory trust, to the extent of its undistributed property; and
(2) A beneficial owner, except as provided in § 29-1208.06, if property of the trust has been distributed after dissolution, against a beneficial owner to the extent of that person’s proportionate share of the claim or property distributed to the beneficial owner after dissolution, whichever is less.
(e) A person’s total liability for all claims under subsection (d)(2) of this section does not exceed the total amount of assets distributed to the person after dissolution.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(8)(D), 59 DCR 13171.)
Section ReferencesThis section is referenced in § 29-1206.15, § 29-1208.03, and § 29-1208.06.
Effect of AmendmentsThe 2013 amendment by D.C. Law 19-210 substituted “Other claims against dissolved statutory trust” for “Publication of notice” in the section heading; in (c), substituted “the claim of each of the following claimants is barred unless” for “unless”, and deleted “the claim of each of the following claimants shall be barred” following “date of the notice”; and rewrote (d) and (e).
Editor's NotesUniform Law: This section is based on § 805 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.