A statutory trust shall be dissolved only by:
(1) An administrative dissolution under §§ 29-106.01 and 29-106.02; or
(2) The filing of articles of dissolution under § 29-1208.02:
(A) On the occurrence of an event or circumstance that the governing instrument states causes dissolution; or
(B) With the approval of all the beneficial owners.
(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 § 801 of the Uniform Statutory Trust Entity Act . See Vol. 6B , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.
(a) If dissolution of a statutory trust is authorized under § 29-1208.01, the trust shall deliver to the Mayor for filing articles of dissolution setting forth the:
(1) Name of the trust; and
(2) Date of the dissolution.
(b) Except as otherwise provided in § 29-102.03, a statutory trust is dissolved when articles of dissolution that comply with subsection (a) of this section, are filed by the Mayor.
(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 § 802 of the Uniform Statutory Trust Entity Act . See Vol. 6B , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.
(a) A dissolved statutory trust shall wind up its activities and the trust and each series thereof shall continue after dissolution only for the purpose of its winding up.
(b) In winding up its activities, a statutory trust shall:
(1) Discharge the trust's debts, obligations, and other liabilities, settle and close the trust's activities, and marshal and distribute the property of the trust; and
(2) Distribute any surplus property after complying with paragraph (1) of this section to the beneficial owners in proportion to their beneficial interests.
(c) In winding up its activities, a statutory trust may:
(1) Preserve the trust's activities and property as a going concern for a reasonable time;
(2) Institute, maintain, and defend actions and proceedings, whether civil, criminal, or administrative;
(3) Transfer the trust's property;
(4) Settle disputes; and
(5) Perform other acts necessary or appropriate to its winding up.
(d) Trustees of a dissolved statutory trust that has disposed of claims under § 29-1208.04 or § 29-1208.05 shall not be liable for breach of duty with respect to claims against the trust that are barred or satisfied under § 29- 1208.04 or § 29-1208.05.
(e) The dissolution of a statutory trust shall not terminate the authority of its registered agent.
(f) On application of any person that shows good cause, the Superior Court may appoint a person to be a receiver for a dissolved statutory trust with the power to undertake any action that might have been done by the trust during its winding up if the action is necessary for final settlement of the trust.
(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 § 803 of the Uniform Statutory Trust Entity Act . See Vol. 6B , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.
(a) Except as otherwise provided in subsection (c) of this section, a dissolved statutory trust may dispose of a known claim against it by sending notice to the claimant in a record of the dissolution of the trust. The notice shall:
(1) Specify the information required to be included in the claim;
(2) Provide a mailing address to which the claim is to be sent;
(3) State the deadline for receipt of the claim, which shall not be less than 120 days after the date the notice is sent to the claimant; and
(4) State that the claim will be barred if not received by the deadline.
(b) A claim against a dissolved statutory trust is barred if the requirements of subsection (a) of this section are met and:
(1) The claim is not received by the specified deadline; or
(2) If the claim is timely received but rejected by the trust:
(A) The trust notifies the claimant in a record that the claim is rejected and will be barred unless the claimant commences an action against the trust to enforce the claim not later than the 90th day after the claimant receives the notice; and
(B) The claimant does not commence the required action not later than the 90th day.
(c) This section shall not apply to a claim based on:
(1) An event occurring after the effective date of dissolution; or
(2) A liability that on that date is unmatured or contingent.
(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 § 804 of the Uniform Statutory Trust Entity Act . See Vol. 6B , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.
(a) A dissolved statutory trust may publish notice of its dissolution and request persons having claims against the trust to present them in accordance with the notice.
(b) A notice under subsection (a) of this section shall:
(1) Be published at least once in a newspaper of general circulation in the District or, if it has no principal office in the District, in the city in which the trust's principal office is or was last located;
(2) Describe the information required for a claim;
(3) Provide a mailing address to which the claim may be sent; and
(4) State that a claim against the trust shall be barred unless an action to enforce the claim is commenced not later than 3 years after publication of the notice.
(c) If a dissolved statutory trust publishes a notice in accordance with subsection (b) of this section, unless the claimant commences an action to enforce a claim against the trust not later than 3 years after the publication date of the notice, the claim of each of the following claimants shall be barred:
(1) A claimant that did not receive notice in a record under § 29-1208.04;
(2) A claimant whose claim was timely sent to the trust but was rejected or not acted on; and
(3) A claimant whose claim is contingent at, or based on an event occurring after, the effective date of dissolution.
(d) A claim not barred under this section may be enforced against undistributed property.
(e) If property of the trust has been distributed after dissolution, a claim not barred under this section may be enforced against a beneficial owner to the extent of that beneficial owner's proportionate share of the property distributed to the beneficial owner after dissolution. However, a beneficial owner's total liability for all claims under this subsection shall not exceed the total amount of property distributed to the beneficial owner after dissolution.
(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 § 805 of the Uniform Statutory Trust Entity Act . See Vol. 6B , Uniform Laws Annotated, Master Edition or ULA Database on Westlaw.
