Beneficial interest.
A beneficial interest in a statutory trust is personal property. A beneficial interest in a statutory trust shall not be an interest in specific property of the statutory trust. 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. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Section 2(l)(7)(A) of D.C. Law 19-210 substituted “Beneficial Owners” for “Beneficiaries and Beneficial Rights” in the subchapter heading. Uniform Law: This section is based on § 601 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§ 2, 58 DCR 1720 Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(B), 59 DCR 13171 The 2013 amendment by D.C. Law 19-210 repealed former (a); redesignated former “(b) through (d) as (a) through (c); and substituted ““is personal property” for ““shall be personal property regardless of the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).
Sourced from the DC Council Open Law Library (public domain).
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