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Current through October 23, 2012
For the purposes of the chapter, the term:
(1) "Beneficial owner" means the owner of a beneficial interest in a statutory trust or foreign statutory trust.
(2) "Certificate of trust" means the record filed by the Mayor under § 29- 1202.01. The term "certificate of trust" shall include the record as amended or restated.
(3) "Common-law trust" means a fiduciary relationship with respect to property arising from a manifestation of intent to create that relationship and subjecting the person that holds title to the property to duties to deal with the property for the benefit of charity or for one or more persons, at least one of which is not the sole trustee, whether the purpose of the trust is donative or commercial. The term "common-law trust" shall include the type of trust known at common law as a "business trust", "Massachusetts trust", or "Massachusetts business trust".
(4) "Foreign statutory trust" means a trust that is formed under the laws of a jurisdiction other than the District which would be a statutory trust if formed under the laws of the District.
(5) "Governing instrument" means the trust instrument and certificate of trust.
(6) "Person" means an individual, corporation, statutory trust, estate, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. The term "person" shall not include a common-law trust.
(7) "Qualified foreign statutory trust" means a foreign statutory trust that is registered to do business in the District pursuant to a registration statement filed with the Mayor.
(8) "Related party", with respect to a person that is a trustee, officer, employee, manager, or beneficial owner, means:
(A) The spouse of the party;
(B) A child, parent, sibling, grandchild, or grandparent of the party, or the spouse of one of them;
(C) An individual having the same residence as the party;
(D) A trust or estate of which a related party described in subparagraph (A), (B), or (C) of this paragraph is a substantial beneficiary;
(E) A trust, estate, legally incapacitated individual, conservatee, or minor for which the party is a fiduciary; or
(F) A person that directly or indirectly controls, is controlled by, or is under common control with, the party.
(9) "Series trust" means a statutory trust that has one or more series created under § 29-1204.01.
(10) "Statutory trust", except in the phrase "foreign statutory trust", means an entity formed under this chapter.
(11) "Trust" includes a common-law trust, statutory trust, and foreign statutory trust.
(12) "Trust instrument" means a record other than the certificate of trust which provides for the governance of the affairs of a statutory trust and the conduct of its business. The term "trust instrument" includes a trust agreement, a declaration of trust, and bylaws.
(13) "Trustee" means a person designated, appointed, or elected as a trustee of a statutory trust or foreign statutory trust in accordance with the governing instrument or applicable law.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For history of Law 18-378, see notes under § 29-101.01.
Uniform Law
This section is based on § 102 of the Uniform Statutory Trust Entity Act . See Vol. 6B , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.
