District of Columbia Code
Subchapter III - Governing Law; Authorization; Duration; Powers
§ 29–1203.04. Limitation on liability of trustees and beneficial owners

(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.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(4)(D), 59 DCR 13171.)
The 2013 amendment by D.C. Law 19-210 substituted “Limitation on liability of trustees and beneficial owners” for “Statutory trust solely liable for debt, obligation, or other liability of statutory trust” in the section heading; rewrote (a); and substituted “shall be” for “shall be is” in (b).
Uniform Law: This section is based on § 304 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.

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