In a derivative action, the plaintiff must be a beneficial owner at the time of bringing the action and:

1. (1) At the time of the transaction of which the plaintiff complains; or
2. (2) Plaintiff's status as a beneficial owner had devolved upon plaintiff by operation of law or pursuant to the terms of the governing instrument of the business trust from a person who was a beneficial owner at the time of the transaction.

Source: SL 2001, ch 245 , § 73.