District of Columbia Statutes
§ 29-1206.13 — Proceeds and expenses.
District of Columbia § 29-1206.13
JurisdictionDistrict of Columbia
Title 29Business Organizations. [Enacted title]
Ch. 12Statutory Trusts.
Subch. VIBeneficial Owners.
This text of District of Columbia § 29-1206.13 (Proceeds and expenses.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
D.C. Code § 29-1206.13 (2026).
Text
(a)Except as otherwise provided in subsection (b) of this section:
(1)Any proceeds or other benefits of a derivative action on behalf of a statutory trust, whether by judgment, compromise, or settlement belong to the trust and not to the plaintiff; and
(2)If the plaintiff receives any proceeds, the plaintiff shall immediately remit them to the trust.
(b)If a derivative action on behalf of a statutory trust is successful in whole or in part, the court may award the plaintiff reasonable attorneys’ fees, costs, and other expenses from the recovery by the trust.
(c)A derivative action on behalf of a statutory trust shall not be voluntarily dismissed or settled without the court’s approval.
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Legislative History
Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171
Nearby Sections
15
§ 29-1001.01
Short title.§ 29-1001.02
Definitions.§ 29-1001.03
Nature of limited cooperative association.§ 29-1001.05
Powers.§ 29-1001.06
Governing law.§ 29-1001.07
Requirements of other laws.§ 29-1001.09
Effect of organic rules.§ 29-1001.10
Required information.§ 29-1001.12
Dual capacity.Cite This Page — Counsel Stack
Bluebook (online)
District of Columbia § 29-1206.13, Counsel Stack Legal Research, https://law.counselstack.com/statute/dc/29-1206.13.