04. Dissolution of series. (a) A series of a series trust may be dissolved or its property distributed without causing the dissolution of the trust or any other series thereof. (b) A series of a series trust is dissolved, and its activities shall be wound up, on the occurrence of an event or circumstance that the governing instrument states causes dissolution of the series or upon the dissolution of the trust. (c) On dissolution of a series of a series trust, the persons that under the governing instrument are responsible for winding up the affairs of the series may cause the trust to take all actions permitted under § 29-1208.03, and shall take actions with respect to the claims and obligations of the series as provided in §§ 29-1208.03 through § 29-1208.05. (d) Any person, including a trustee, that under the governing instrument is responsible for winding up the affairs of a series of a series trust shall not be liable to the creditors of the dissolved series by reason of the person’s actions in winding up the series. (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.) Section References This section is referenced in § 29-1201.04 and § 29-1204.02. d series by reason of the person’s actions in winding up the series. (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.) Section References This section is referenced in § 29-1201.04 and § 29-1204.02. Editor's Notes Uniform Law: This section is based on § 404 of the Uniform Statutory Trust Entity Act.
District of Columbia Legal Code