reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter II - Formation; Certificate of Trust and Other Filings; Process › § 29–1202.01. Certificate of trust

§ 29–1202.01. Certificate of trust.
(a) To form a statutory trust, a person shall deliver a certificate of trust to the Mayor for filing.
(b) A certificate of trust shall state:
(1) The name of the statutory trust, which must comply with §§ 29-103.01 and 29-103.02(i);
(2) The street and mailing address of the principal office of the trust;
(3) The name and street and mailing address of the registered agent of the trust; and
(4) If the trust may have one or more series, a statement to that effect.
(c) A certificate of trust may contain any term in addition to those required by subsection (b) of this section but may not vary or otherwise affect the provisions specified in § 29-1201.04 in a manner that is inconsistent with that section.
(d) A statutory trust is formed when the certificate of trust becomes effective.
(e) A filed certificate of trust, a filed statement of cancellation or change, or articles filed under subchapter VII of this chapter or Chapter 2 of this title prevail over inconsistent terms of a trust instrument.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(3)(A), 59 DCR 13171.)
Section References
This section is referenced in § 29-101.06, § 29-1201.02, § 29-1204.01, and § 29-1209.01.
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 deleted “initial” preceding “registered” in (b)(3); added “but may not vary or otherwise affect the provisions specified in § 29-1201.04 in a manner that is inconsistent with that section” at the end of (c); rewrote (d); and substituted “articles filed under subchapter VII of this chapter or Chapter 2 of this title” for “filed articles of conversion or merger shall” in (e).
Editor's Notes
Uniform Law: This section is based on § 201 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter II - Formation; Certificate of Trust and Other Filings; Process › § 29–1202.02. Amendment or restatement of certificate of trust; statement of correction

§ 29–1202.02. Amendment or restatement of certificate of trust; statement of correction.
(a) A certificate of trust may be amended or restated at any time.
(b) To amend its certificate of trust, a statutory trust shall deliver to the Mayor for filing an amendment stating the:
(1) Name of the trust;
(2) Date of filing of its initial certificate; and
(3) Changes to the certificate as most recently amended or restated.
(c) To restate its certificate of trust, a statutory trust must deliver to the Mayor for filing a restatement designated as such in its heading.
(d) A trustee that knows or has reason to know that information in a filed certificate of trust was inaccurate when the certificate was filed or has become inaccurate due to changed circumstances shall promptly:
(1) Cause the certificate to be amended; or
(2) If appropriate, deliver to the Mayor for filing a statement of change under § 29-104.07 or a statement of correction under § 29-102.05.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(3)(B), 59 DCR 13171.)
Section References
This section is referenced in § 29-1202.05 and § 29-1209.01.
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 § 202 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter II - Formation; Certificate of Trust and Other Filings; Process › § 29–1202.03. Signing of records

§ 29–1202.03. Signing of records.
(a) A record delivered by the statutory trust to the Mayor for filing pursuant to this chapter shall be signed by at least one of the trustees.
(b) Any person may sign by an attorney in fact any record filed pursuant to this chapter.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Editor's Notes
Uniform Law: This section is based on § 203 of the Uniform Statutory Trust Entity Act.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter II - Formation; Certificate of Trust and Other Filings; Process › § 29–1202.04. Signing and filing pursuant to judicial order

§ 29–1202.04. Signing and filing pursuant to judicial order.
(a) If a person required by this title to sign a record or deliver a record to the Mayor for filing under this title does not do so, any other person that is aggrieved may petition the Superior Court to order:
(1) The person to sign the record;
(2) The person to deliver the record to the Mayor for filing; or
(3) The Mayor to file the record unsigned.
(b) If the petitioner under subsection (a) of this section is not the statutory trust to which the record pertains, the petitioner shall make the trust a party to the action.
(c) A record filed pursuant to subsection (a)(3) of this section is effective without being signed.
(Mar. 5, 2013, D.C. Law 19-210, § 2(l)(3)(C), 59 DCR 13171.)
Section References
This section is referenced in § 29-1202.05.
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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter II - Formation; Certificate of Trust and Other Filings; Process › § 29–1202.05. Liability for inaccurate information in filed record

§ 29–1202.05. Liability for inaccurate information in filed record.
(a) If a record delivered to the Mayor for filing under this title and filed by the Mayor contains inaccurate information, a person that suffers loss by reliance on the information may recover damages for the loss from:
(1) A person that signed the record, or caused another to sign it on the person’s behalf, and knew the information to be inaccurate at the time the record was signed; and
(2) Subject to subsection (b) of this section, a trustee of a statutory trust, if:
(A) The record was delivered for filing on behalf of the trust; and
(B) The trustee had notice of the inaccuracy for a reasonably sufficient time before the information was relied upon so that, before the reliance, the trustee reasonably could have:
(i) Effected an amendment under § 29-1202.02;
(ii) Filed a petition under § 29-1202.04; or
(iii) Delivered to the Mayor for filing a statement of change under § 29-104.07 or a statement of correction under § 29-102.05.
(b) An individual who signs a record authorized or required to be filed under this title affirms under penalty of making false statements that the information stated in the record is accurate.
(Mar. 5, 2013, D.C. Law 19-210, § 2(l)(3)(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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter III - Governing Law; Authorization; Duration; Powers › § 29–1203.01. Governing law

§ 29–1203.01. Governing law.
The law of the District shall govern the:
(1) Internal affairs of a statutory trust;
(2) Liability of a beneficial owner as beneficial owner , a trustee as trustee, and a person appointed, elected, or engaged under § 29-1201.03(e)(8) or (9) for a debt, obligation, or other liability of a statutory trust or a series thereof; and
(3) Enforceability of a debt, obligation, or other liability of the statutory trust or a series thereof against the property of the 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)(4)(A), 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 “a trustee as trustee, and a person appointed, elected, or engaged under § 29-1201.03(e)(8) or (9)” for “and a trustee as trustee” in (2).
Editor's Notes
Uniform Law: This section is based on § 301 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter III - Governing Law; Authorization; Duration; Powers › § 29–1203.02. Statutory trust as entity

§ 29–1203.02. Statutory trust as entity.
A statutory trust is an entity separate from its trustees and beneficial owners.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(B), 59 DCR 13171.)
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 substituted “is” for “shall be.”
Editor's Notes
Uniform Law: This section is based on § 302 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter III - Governing Law; Authorization; Duration; Powers › § 29–1203.03. Permissible purposes

§ 29–1203.03. Permissible purposes.
(a) Except as otherwise provided in subsection (b) of this section, a statutory trust may be formed for and may have any lawful purpose, regardless of whether for profit.
(b) A statutory trust may not have a predominantly donative purpose.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(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 added “regardless of whether for profit” at the end of (a); and substituted “may” for “shall” in (b).
Editor's Notes
Uniform Law: This section is based on § 303 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter IV - Series Trusts › § 29–1204.04. Dissolution of series

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 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

§ 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter V - Trustees and Trust Management › § 29–1205.10. Direction of trustees

§ 29–1205.10. Direction of trustees.
(a) The governing instrument may authorize any person, including a beneficial owner, to direct a trustee or other person in the management of a statutory trust.
(b) The governing instrument may provide that the power to direct a trustee or other person or the exercise of the power by any person, including a beneficial owner, shall not cause the person to be a trustee or impose on the person duties, including fiduciary duties, or liabilities relating to these duties, to a statutory trust or beneficial owner.
(c) If the governing instrument confers on a person a power to direct actions by a trustee or other person, the trustee or other person shall act in accordance with an exercise of the power, unless the direction is manifestly contrary to the terms of the governing instrument or the trustee knows or has reason to know that following the direction would constitute a serious breach of fiduciary duty by the trustee.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Section References
This section is referenced in § 29-1201.04.
Editor's Notes
Uniform Law: This section is based on § 510 of the Uniform Statutory Trust Entity Act.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter V - Trustees and Trust Management › § 29–1205.11. Delegation by trustee

§ 29–1205.11. Delegation by trustee.
(a) A trustee may delegate duties and powers. The trustee shall exercise the care a person in a similar position would reasonably believe appropriate under similar circumstances in:
(1) Selecting an agent;
(2) Establishing the scope and terms of the delegation; and
(3) Periodically reviewing the agent’s actions to monitor the agent’s performance and compliance with the terms of the delegation.
(b) Subject to subsection (a) of this section, a trustee may delegate duties and powers to a co-trustee.
(c) In performing a delegated function, an agent of a trustee shall owe a duty to the statutory trust to exercise reasonable care to comply with the terms of the delegation.
(d) A trustee that complies with subsection (a) of this section shall not be liable to a beneficial owner or to the statutory trust for an act or omission of the agent of the trustee to which a function was delegated.
(e) An agent of a trustee submits to the jurisdiction of the courts of the District by accepting a delegation of powers or duties from a trustee with respect to a claim related to the agency.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Editor's Notes
Uniform Law: This section is based on § 511 of the Uniform Statutory Trust Entity Act.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter V - Trustees and Trust Management › § 29–1205.12. Independent trustee in registered investment company

§ 29–1205.12. Independent trustee in registered investment company.
(a) For the purposes of this section, the term “affiliated person” and “interested person” have the meanings as provided in section 2(3) and (19) of the Investment Company Act of 1940, (54 Stat. 790; 15 U.S.C. § 80a-2(3) and (19)), and any regulations issued thereunder.
(b) If a statutory trust is registered as an investment company under the Investment Company Act of 1940, approved August 22, 1940 (54 Stat. 789; 15 U.S.C. § 80a-1 et seq.), or any successor statute and any regulations issued thereunder, a trustee shall be an independent trustee for all purposes under this chapter if the trustee shall is not an [sic] interested person of the trust. The receipt of compensation both for service as an independent trustee of the trust and for service as an independent trustee of one or more other investment companies managed by a single investment adviser or an affiliated person of an investment adviser, shall not affect the status of the trustee as an independent trustee under this section.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Editor's Notes
Uniform Law: This section is based on § 512 of the Uniform Statutory Trust Entity Act.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter VI - Beneficial Owners › § 29–1206.01. Beneficial interest

§ 29–1206.01. Beneficial interest.
(a) A beneficial interest in a statutory trust is personal property.
(b) A beneficial interest in a statutory trust shall not be an interest in specific property of the statutory trust.
(c) A beneficial owner shall not have a preemptive right to subscribe to any additional issue of beneficial interests or any other interest of a 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)(B), 59 DCR 13171.)
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 repealed former (a); redesignated former “(b) through (d) as (a) through (c); and substituted ““is personal property” for ““shall be personal property regardless of the nature of the property of the trust” in (a).
Editor's Notes
Uniform Law: This section is based on § 601 of the Uniform Statutory Trust Entity Act.
Section 2(l)(7)(A) of D.C. Law 19-210 substituted “Beneficial Owners” for “Beneficiaries and Beneficial Rights” in the subchapter heading.
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter VI - Beneficial Owners › § 29–1206.02. Voting or consent by beneficial owners

§ 29–1206.02. Voting or consent by beneficial owners.
On any matter that is to be acted on by beneficial owners, the following rules apply:
(1) The beneficial owners shall act by majority of the beneficial interests.
(2) The beneficial owners may take the action without a meeting, without notice, and without a vote, if beneficial owners having at least the minimum number of votes necessary to authorize or take the action at a meeting at which all beneficial owners entitled to vote thereon were present and voted consent in a signed record. However, prompt notice of the action shall be given to those beneficial owners that did not consent.
(3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy shall be contained 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 § 602 of the Uniform Statutory Trust Entity Act.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter VI - Beneficial Owners › § 29–1206.03. Contribution by beneficial owner

§ 29–1206.03. Contribution by beneficial owner.
(a) A contribution of a beneficial owner to a statutory trust may consist of property transferred, services performed, or another benefit provided to the statutory trust, or an agreement to transfer property, perform services, or provide another benefit. A person may become a beneficial owner of a statutory trust and may receive a beneficial interest in a statutory trust without making a contribution or being obligated to make a contribution to the trust.
(b) A person’s obligation to contribute money or other property or other benefit to, or to perform services for, a statutory trust is not excused by the person’s death, disability, or other inability to perform the person’s obligations personally. If a person does not fulfill an obligation to make a contribution, other than a monetary contribution, the person is obligated at the option of the trustee to contribute money equal to the value of the part of the contribution which has not been made.
(c) The governing instrument may provide that a beneficial owner that fails to make a required contribution, or comply with the terms and conditions of the governing instrument, shall be subject to specified penalties for or consequences of the failure, including:
(1) Reduction or elimination of the defaulting beneficial owner’s proportionate interest in the statutory trust or series thereof;
(2) Subordination of the defaulting beneficial owner’s beneficial interest to that of nondefaulting beneficial owners;
(3) Forced sale or forfeiture of the defaulting beneficial owner’s beneficial interest;
(4) Imposition of an obligation to repay a loan to the statutory trust by another beneficial owner of the amount necessary to meet the defaulting beneficial owner’s commitment;
(5) Redemption or sale of the defaulting beneficial owner’s beneficial interest at a value fixed by appraisal or by formula; and
(6) Specific performance of an obligation under the governing instrument.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(C), 59 DCR 13171.)
Section References
This section is referenced in § 29-1201.02.
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 substituted “consist of property transferred, services performed, or another benefit provided to the statutory trust, or an agreement to transfer property, perform services, or provide another benefit” for “be in cash, property, or services rendered or a promissory note or other obligation to contribute cash or property or to perform services” in the first sentence of (a); and rewrote (b).
Editor's Notes
Uniform Law: This section is based on § 603 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter VI - Beneficial Owners › § 29–1206.04. Distribution to beneficial owner

§ 29–1206.04. Distribution to beneficial owner.
(a) When a beneficial owner becomes entitled to receive a distribution, with respect to the distribution, the beneficial owner shall have the status of, and shall be entitled to all remedies available to, a creditor of the statutory trust.
(b) A beneficial owner has a right to a distribution before the dissolution and winding up of a statutory trust only if the trustee decides to make an interim distribution. A beneficial owner shall not have a right to demand or to receive a distribution from the trust in any form other than money.
(c) Except as otherwise provided in § 29-1208.03(b), the trust may distribute an asset in kind if each part of the asset is fungible with each other part and each beneficial owner receives a percentage of the asset equal in value to the beneficial owner’s share of the distribution.
(d) Any distributions made by a statutory trust before its dissolution and winding up must be in proportion to the beneficial interests.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(D), 59 DCR 13171.)
Effect of Amendments
The 2013 amendment by D.C. Law 19-210 added the first sentence in (b); added “Except as otherwise provided in § 29-1208.03(b)” in (c); and added (d).
Editor's Notes
Uniform Law: This section is based on § 604 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.
2023 District of Columbia Code › Title 29 - Business Organizations. [Enacted title] › Chapter 12 - Statutory Trusts › Subchapter VI - Beneficial Owners › § 29–1206.05. Redemption of beneficial interest

§ 29–1206.05. Redemption of beneficial interest.
A statutory trust may acquire, by purchase, redemption, or otherwise, any beneficial interest in the trust or series thereof. A beneficial interest acquired under this section shall be canceled.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Editor's Notes
Uniform Law: This section is based on § 605 of the Uniform Statutory Trust Entity Act.