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 required by § 29-1202.01. The term “certificate of trust” includes the certificate 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) “Contribution”, except in the phrase “right of contribution”, means property or a benefit described in § 29-1206.03 that a person provides to a statutory trust in order to become a beneficial owner or provides in the person’s capacity as a beneficial owner.
(5) “Distribution” means a transfer of money or other property from a statutory trust as a result of a beneficial interest. The term includes transfers occurring when a statutory trust’s redeems or otherwise purchases a beneficial interest.
(6) “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.
(7) “Governing instrument” means the trust instrument and certificate of trust.
(8) “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.
(9) “Registered foreign statutory trust” means a foreign statutory trust that is registered to do business in the District pursuant to a registration statement delivered to the Mayor for filing.
(10) “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.
(11) “Series trust” means a statutory trust that has one or more series created under § 29-1204.01.
(12) “Statutory trust”‘ means an entity formed under this chapter or an entity that becomes subject to this chapter under Chapter 2 of this title.
(13) “Trust” includes a common-law trust, statutory trust, and foreign statutory trust.
(14) “Trust instrument” means a record other than the certificate of trust which provides for the governance of the activities and 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.
(15) “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; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(2)(A), 59 DCR 13171.)
The 2013 amendment by D.C. Law 19-210 rewrote the section.
Uniform Law: This section is based on § 102 of the Uniform Statutory Trust Entity Act.
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.