06. Duration. (a) Except as otherwise provided in its certificate of trust, a statutory trust: (1) Has perpetual duration; and (2) May not be terminated or revoked except in accordance with this chapter or the terms of the trust’s certificate of trust. (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. (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. (d) A statutory trust or any series thereof shall not terminate because the same person is the sole trustee and sole beneficial owner. (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.) Section References This section is referenced in § 29-1201.04. 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 § ndment 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). Editor's Notes Uniform Law: This section is based on § 306 of the Uniform Statutory Trust Entity Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
District of Columbia Legal Code