District of Columbia § 29-1206.11 Proper plaintiff.

District of Columbia Statutes

§ 29-1206.11 — Proper plaintiff.

District of Columbia § 29-1206.11

Title 29Business Organizations. [Enacted title]

Ch. 12Statutory Trusts.

Subch. VIBeneficial Owners.

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Bluebook

D.C. Code § 29-1206.11 (2026).

Text

A derivative action to enforce a right of a statutory trust may be maintained only by a person that is a beneficial owner at the time the action is commenced and:

(1)Was a beneficial owner when the conduct giving rise to the action occurred; or

(2)Whose status as a beneficial owner devolved upon the person by operation of law or pursuant to the terms of the governing instrument from a person that was a beneficial owner at the time of the conduct.

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A derivative action to enforce a right of a statutory trust may be maintained only by a person that is a beneficial owner at the time the action is commenced and:

(1) Was a beneficial owner when the conduct giving rise to the action occurred; or

(2) Whose status as a beneficial owner devolved upon the person by operation of law or pursuant to the terms of the governing instrument from a person that was a beneficial owner at the time of the conduct.