01. Beneficial interest. (a) A beneficial interest in a statutory trust is personal property. (b) A beneficial interest in a statutory trust shall not be an interest in specific property of the statutory trust. (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. (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 Effect of Amendments The 2013 amendment by D.C. Law 19-210 repealed former (a); redesignated former '(b) through (d) as (a) through (c); and substituted ''is personal property' for ''shall be personal property regardless of the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). Editor's Notes Uniform Law: This section is based on § 601 of the Uniform Statutory Trust Entity Act. Section 2(l)(7)(A) of D.C. Law 19-210 substituted 'Beneficial Owners' for 'Beneficiaries and Beneficial Rights' in the subchapter heading. 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