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Current as of January 01, 2024 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-1203.06. Duration. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-1203-06/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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