§ 29-1206.11Title 29
Proper plaintiff.
A derivative action to enforce a right of a statutory trust may be maintained only by a person that is a beneficial owner at the time the action is commenced and: Was a beneficial owner when the conduct giving rise to the action occurred; or Whose status as a beneficial owner devolved upon the person by operation of law or pursuant to the terms of the governing instrument from a person that was a beneficial owner at the time of the conduct.
Annotations
Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171 Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
Sourced from the DC Council Open Law Library (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.