District of Columbia § 29-1203.04 Limitation on liability of trustees and beneficial owners.

District of Columbia Statutes

§ 29-1203.04 — Limitation on liability of trustees and beneficial owners.

District of Columbia § 29-1203.04

Title 29Business Organizations. [Enacted title]

Ch. 12Statutory Trusts.

Subch. IIIGoverning Law; Authorization; Duration; Powers.

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Bluebook

D.C. Code § 29-1203.04 (2026).

Text

(a)A debt, obligation, or other liability of a statutory trust or series thereof shall be solely a debt, obligation, or other liability of the trust or series thereof. A beneficial owner, trustee, or person designated pursuant to § 29-1201.03(e)(8) or (9) is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the trust or series thereof solely by reason of being or acting as a trustee, beneficial owner, or person designated pursuant to § 29-1201.03(e)(8) or (9. This subsection applies regardless of the dissolution of the statutory trust.

(b)Except as otherwise provided in subchapter IV of this chapter , property of a statutory trust held in the name of the trust or by the trustee in the trustee’s capacity as t

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(a) A debt, obligation, or other liability of a statutory trust or series thereof shall be solely a debt, obligation, or other liability of the trust or series thereof. A beneficial owner, trustee, or person designated pursuant to § 29-1201.03(e)(8) or (9) is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the trust or series thereof solely by reason of being or acting as a trustee, beneficial owner, or person designated pursuant to § 29-1201.03(e)(8) or (9. This subsection applies regardless of the dissolution of the statutory trust.

(b) Except as otherwise provided in subchapter IV of this chapter , property of a statutory trust held in the name of the trust or by the trustee in the trustee’s capacity as trustee shall be subject to attachment and execution to satisfy a debt, obligation, or other liability of the trust.