1. (a) Except as otherwise provided in its certificate of trust, a statutory trust:

   1. (1) Has perpetual duration; and
   2. (2) May not be terminated or revoked except in accordance with this chapter or the terms of the trust’s certificate of trust.
2. (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.
3. (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.
4. (d) A statutory trust or any series thereof shall not terminate because the same person is the sole trustee and sole beneficial owner.

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.

Uniform Law: This section is based on § 306 of the Uniform Statutory Trust Entity Act.

History

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

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).

Section References

This section is referenced in § 29-1201.04.