reglab/housing_qa huggingface dataset:
DC Code § 29-1203.04 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter III - Governing Law; Authorization; Duration; Powers|§ 29-1203.04. Limitation on liability of trustees and beneficial owners

(a) A debt, obligation, or other liability of a statutory trust or series thereof shall be solely a debt, obligation, or other liability of the trust or series thereof. A beneficial owner, trustee, or person designated pursuant to § 29-1201.03(e)(8) or (9) is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the trust or series thereof solely by reason of being or acting as a trustee, beneficial owner, or person designated pursuant to § 29-1201.03(e)(8) or (9. This subsection applies regardless of the dissolution of the statutory trust. (b) Except as otherwise provided in subchapter IV of this chapter, property of a statutory trust held in the name of the trust or by the trustee in the trustee’s capacity as trustee shall be subject to attachment and execution to satisfy a debt, obligation, or other liability of the trust.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(D), 59 DCR 13171.)  Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “Limitation on liability of trustees and beneficial owners” for “Statutory trust solely liable for debt, obligation, or other liability of statutory trust” in the section heading; rewrote (a); and substituted “shall be” for “shall be is” in (b). Editor's Notes Uniform Law: This section is based on § 304 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.
DC Code § 29-1203.05 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter III - Governing Law; Authorization; Duration; Powers|§ 29-1203.05. No creditor rights in trust property

A creditor of a beneficial owner or trustee shall not obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of a statutory trust or any series thereof.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 305 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1203.06 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter III - Governing Law; Authorization; Duration; Powers|§ 29-1203.06. 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.
DC Code § 29-1203.07 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter III - Governing Law; Authorization; Duration; Powers|§ 29-1203.07. Power to hold property; title to trust property

A statutory trust may hold or take title to property in its own name or in the name of a trustee in the trustee’s capacity as trustee, whether in an active, passive, or custodial capacity.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 307 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1203.08 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter III - Governing Law; Authorization; Duration; Powers|§ 29-1203.08. Power to sue and be sued

A statutory trust may sue and be sued in its own name.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1201.04 and § 29-1204.05. Editor's Notes Uniform Law: This section is based on § 308 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1204.01 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter IV - Series Trusts|§ 29-1204.01. Statutory trust having series

(a) The governing instrument may provide for the creation by the statutory trust of one or more series with respect to specified property of the statutory trust if: (1) Records are maintained for the series which reasonably identify the property of the series, including by specific listing, category, type, quantity, or computational or allocational formula or procedure, such as a percentage or share of any property, or by any other method by which the identity of the property of the series is objectively determinable; and (2) Notice that the trust may have one or more series is set forth in the certificate of trust as required by § 29-1202.01(b)(4). (b) A series of a statutory trust shall not be an entity separate from the statutory trust. (c) A series of a statutory trust may have a purpose, regardless of whether for profit, separate from the trust or any other series thereof if the purpose of the series is lawful and not a predominantly donative purpose. (d) Subject to § 29-1204.03, the governing instrument may provide for the creation of one or more classes of trustees, beneficial owners, or beneficial interests having separate rights, powers, or duties with respect to the statutory trust or any series thereof.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(5)(A), 59 DCR 13171.)  Section References This section is referenced in § 29-1201.02, § 29-1201.04, and § 29-1204.05. Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “purpose, regardless of whether for profit, separate” for “separate purpose” in (c); and added (d). Editor's Notes Uniform Law: This section is based on § 401 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.
DC Code § 29-1204.02 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter IV - Series Trusts|§ 29-1204.02. Liability of series trust

(a) In a series trust, a debt, obligation, or other liability incurred or otherwise existing [with] respect to the: (1) Property of a particular series shall be enforceable against the property of the series only, and not against the property of the trust generally or any other series thereof; and (2) Trust generally or the property of any other series thereof shall not be enforceable against the property of the series. (b) The association, disassociation, or reassociation of property of a statutory trust or a series thereof to or with the trust or a series thereof, including by a transaction under subchapter VII of this chapter or Chapter 2 of this title is deemed to be a transfer between separate persons under Chapter 31 of Title 28 and a distribution under § 29-1206.15. (c) The rules pertaining to distributions under §§ 29-1206.15 and 29-1206.16 apply to a distribution from a series trust and from the property of any series thereof, except for a distribution under § 29-1204.04.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(5)(B), 59 DCR 13171.)  Section References This section is referenced in § 29-1201.04 and § 29-1204.05. Effect of Amendments The 2013 amendment by D.C. Law 19-210, in (b), substituted “a transaction under subchapter VII of this chapter or Chapter 2 of this title is” for “conversion or merger under subchapter VII of this chapter shall be” and added “and a distribution under § 29-1206.15”; and added (c). Editor's Notes Uniform Law: This section is based on § 402 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.
DC Code § 29-1204.03 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter IV - Series Trusts|§ 29-1204.03. Duties of trustee in series trust

If there is at least one trustee of a series trust that, in discharging its duties, is obligated to consider the interests of the trust and all series thereof, the governing instrument may provide that one or more other trustees, in discharging their duties, may consider only the interests of the trust or one or more series thereof.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1201.03, § 29-1201.04, § 29-1204.01, and § 29-1205.05. Editor's Notes Uniform Law: This section is based on § 403 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1204.04 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter IV - Series Trusts|§ 29-1204.04. Dissolution of series

(a) A series of a series trust may be dissolved or its property distributed without causing the dissolution of the trust or any other series thereof. (b) A series of a series trust is dissolved, and its activities shall be wound up, on the occurrence of an event or circumstance that the governing instrument states causes dissolution of the series or upon the dissolution of the trust. (c) On dissolution of a series of a series trust, the persons that under the governing instrument are responsible for winding up the affairs of the series may cause the trust to take all actions permitted under § 29-1208.03, and shall take actions with respect to the claims and obligations of the series as provided in §§ 29-1208.03 through § 29-1208.05. (d) Any person, including a trustee, that under the governing instrument is responsible for winding up the affairs of a series of a series trust shall not be liable to the creditors of the dissolved series by reason of the person’s actions in winding up the series.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1201.04 and § 29-1204.02. Editor's Notes Uniform Law: This section is based on § 404 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1204.05 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter IV - Series Trusts|§ 29-1204.05. Claims pertaining to a series

(a) A series of a statutory trust may not sue or be sued in its own name. (b) If a series trust has a claim against a person which pertains to the property of a series thereof, the trust may assert the claim under § 29-1203.08 and shall allocate the proceeds of the claim under §§ 29-1204.01 and 29-1204.02. (c) If a person has a claim against a series trust which pertains to the property of a series thereof, to assert the claim the person must bring the claim against the trust, stating that the claim pertains to the property of a series thereof and specifying the series if known. To the extent the claim succeeds and is reduced to judgment: (1) The judgment must state that it is collectable only against the property of the specified series; and (2) The judgment creditor may levy on the judgment only by serving the series trust, which shall satisfy the judgment by using only the property of the specified series.  (Mar. 5, 2013, D.C. Law 19-210, § 2(l)(5)(C), 59 DCR 13171.)  Editor's Notes Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
DC Code § 29-1205.01 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.01. Management of statutory trust

The activities and affairs of a statutory trust shall be managed by or under the authority of its trustees.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(6)(A), 59 DCR 13171.)  Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “activities” for “business.” Editor's Notes Uniform Law: This section is based on § 501 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.
DC Code § 29-1205.02 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.02. Trustee powers

A trustee may exercise: (1) Powers conferred by the governing instrument; (2) Except as limited by the governing instrument, any other powers necessary or convenient to carry out the activities and affairs of the statutory trust; and (3) Other powers conferred by this chapter.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(6)(B), 59 DCR 13171.)  Effect of Amendments The 2013 amendment by D.C. Law 19-210 substituted “activities” for “business” in (2). Editor's Notes Uniform Law: This section is based on § 502 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.
DC Code § 29-1205.03 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.03. Action by trustees

On any matter that is to be acted on by trustees, the following rules apply: (1) The trustees shall act by majority of the trustees. (2) The trustees may act without a meeting, without previous notice, and without a vote, if the minimum number of trustees necessary to authorize or take the action at a meeting at which all trustees entitled to vote thereon were present and voted consent in a signed record. However, prompt notice of the action shall be given to those trustees that did not consent. (3) A trustee may vote in person or by proxy, but, if by proxy, the proxy shall be in a signed record.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 503 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1205.04 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.04. Protection of person dealing with trustee

(a) A person that in good faith assists a trustee, or in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee’s power, shall be protected from liability as if the trustee properly exercised the power. (b) A person that in good faith deals with a trustee need not inquire into the extent of a trustee’s power or the propriety of the exercise of the power. (c) A person that in good faith delivers property to a trustee need not ensure its proper use. (d) A person that in good faith and without knowledge that the trusteeship has terminated assists a former trustee as if the former trustee were still a trustee, or in good faith and for value deals with a former trustee as if the former trustee were still a trustee shall be protected from liability as if the former trustee were still a trustee.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Editor's Notes Uniform Law: This section is based on § 504 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1205.05 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.05. Standards of conduct for trustees

(a) Subject to § 29-1204.03, in exercising the powers of trusteeship, a trustee shall act in good faith and in a manner the trustee reasonably believes to be in the best interests of the statutory trust. (b) A trustee shall discharge its duties with the care that a person in a similar position would reasonably believe appropriate under similar circumstances.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1201.04, § 29-1205.09, and § 29-1206.16. Editor's Notes Uniform Law: This section is based on § 505 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1205.06 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.06. Reasonable reliance

A trustee, officer, employee, manager, or committee of a statutory trust, or other person designated pursuant to § 29-1201.03(e)(8) or (9) is not liable to the trust or to a beneficial owner for breach of any duty, including a fiduciary duty, to the extent the breach results from reasonable reliance on: (1) A term of the governing instrument; (2) A record of the statutory trust; or (3) An opinion, report, or statement of another person that the trustee reasonably believes is within the other person’s professional or expert competence and is made or delivered to the trustee, officer, employee, manager, or committee of a statutory trust or other person designated pursuant to § 29-1201.03(e)(8) or (9).  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(6)(C), 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 substituted “Reasonable” for “Good-faith” in the section heading; in the introductory language substituted “§ 29-1201.03(e)(8) or (9) is not” for “§ 29-1201.03(e)(8), shall not be” and “reasonable” for “good-faith”; and added “or (9)” at the end of (3). Editor's Notes Uniform Law: This section is based on § 506 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.
DC Code § 29-1205.07 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.07. Interested transactions

(a) For the purposes of this section, the term “covered party” means a trustee, officer, employee, or manager of a statutory trust, or a related party of a trustee, officer, employee, manager, or other person designated pursuant to § 29-1201.03(e)(8) or (9). (b) Subject to subsection (c) of this section, a covered party may lend money to, borrow money from, act as a surety, guarantor, or endorser for, guarantee or assume an obligation of, provide collateral for, or do other business with the statutory trust and, subject to law other than this title, has the same rights and obligations with respect to those matters as a person that is not a covered party. (c) A transaction described in subsection (b) of this section shall be voidable by the statutory trust unless the covered party shows that the transaction is fair to the trust.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(6)(D), 59 DCR 13171.)  Section References This section is referenced in § 29-1206.07. Effect of Amendments The 2013 amendment by D.C. Law 19-210 added “or (9)” at the end of (a). Editor's Notes Uniform Law: This section is based on § 507 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.
DC Code § 29-1205.08 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.08. Trustee’s right to information

A trustee shall have the right to receive from a statutory trust or another trustee information relating to the affairs of the trust which is reasonably related to the trustee’s discharge of the trustee’s duties as trustee. The trustee may enforce this right by summary proceeding in the Superior Court.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)  Section References This section is referenced in § 29-1201.04 and § 29-1206.14. Editor's Notes Uniform Law: This section is based on § 508 of the Uniform Statutory Trust Entity Act.
DC Code § 29-1205.09 (2021)
2021 District of Columbia Code|Title 29 - Business Organizations. [Enacted title]|Chapter 12 - Statutory Trusts|Subchapter V - Trustees and Trust Management|§ 29-1205.09. Reimbursement, indemnification, advancement, and exoneration

(a) A statutory trust shall reimburse a trustee for any payment made by the trustee in the course of the trustee’s activities on behalf of the statutory trust, if the trustee complied with §§ 29-1205.05 and 29-1206.15 in making the payment. (b) A statutory trust may indemnify and hold harmless a trustee, beneficial owner, or person designated pursuant to § 29-1201.03(e)(8) or (9) with respect to any claim or demand against the person by reason of the person’s relationship with the trust if the claim or demand does not arise from the person’s bad faith, willful misconduct, or reckless indifference. (c) Expenses, including reasonable attorneys’ fees and costs, incurred by a trustee, beneficial owner, or person designated pursuant to § 29-1201.03(e)(8) or (9) in connection with a claim or demand against the person by reason of the person’s relationship to a statutory trust may be paid by the trust before the final disposition of the claim or demand, upon an undertaking by or on behalf of the person to repay the trust if the person is ultimately determined not to be entitled to be indemnified under subsection (b) of this section. (d) A term in the governing instrument relieving or exonerating a trustee or person designated pursuant to § 29-1201.03(e)(8) or (9) from liability is unenforceable to the extent it relieves or exonerates the trustee from liability for conduct involving bad faith, willful misconduct, or reckless indifference. (e) A statutory trust may purchase and maintain insurance on behalf of a trustee, person designated under § 29-1201.03(e)(8) or (9), or beneficial owner of the trust, against any liability asserted against or incurred by the trustee, person, or beneficial owner in that capacity, or arising from that status. The purchase and maintenance of insurance may occur even if, under § 29-1201.04(9), the trust instrument cannot limit or eliminate a person’s liability to the trust for the conduct giving rise to the liability.  (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(6)(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 the section and the section heading. Editor's Notes Uniform Law: This section is based on § 509 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.