(a) In a series trust, a debt, obligation, or other liability incurred or otherwise existing [with] respect to the:
(1) Property of a particular series shall be enforceable against the property of the series only, and not against the property of the trust generally or any other series thereof; and
(2) Trust generally or the property of any other series thereof shall not be enforceable against the property of the series.
(b) The association, disassociation, or reassociation of property of a statutory trust or a series thereof to or with the trust or a series thereof, including by a transaction under subchapter VII of this chapter or Chapter 2 of this title is deemed to be a transfer between separate persons under Chapter 31 of Title 28 and a distribution under § 29-1206.15.
(c) The rules pertaining to distributions under §§ 29-1206.15 and 29-1206.16 apply to a distribution from a series trust and from the property of any series thereof, except for a distribution under § 29-1204.04.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(l)(5)(B), 59 DCR 13171.)
This section is referenced in § 29-1201.04 and § 29-1204.05.
The 2013 amendment by D.C. Law 19-210, in (b), substituted “a transaction under subchapter VII of this chapter or Chapter 2 of this title is” for “conversion or merger under subchapter VII of this chapter shall be” and added “and a distribution under § 29-1206.15”; and added (c).
Uniform Law: This section is based on § 402 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.