1. (a) A beneficial interest in a statutory trust is personal property.
2. (b) A beneficial interest in a statutory trust shall not be an interest in specific property of the statutory trust.
3. (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.

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.

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.

History

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The 2013 amendment by D.C. Law 19-210 repealed former (a); redesignated former “(b) through (d) as (a) through (c); and substituted ““is personal property” for ““shall be personal property regardless of the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).