Duration.
Except as otherwise provided in its certificate of trust, a statutory trust: Has perpetual duration; and May not be terminated or revoked except in accordance with this chapter or the terms of the trust’s certificate of trust. 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. 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. A statutory trust or any series thereof shall not terminate because the same person is the sole trustee and sole beneficial owner. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Uniform Law: This section is based on § 306 of the Uniform Statutory Trust Entity Act.
Annotations
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 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). This section is referenced in § 29-1201.04.
Sourced from the DC Council Open Law Library (public domain).
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