Derivative action by beneficial owner
Known as the Uniform Statutory Trust Entity Act
The act spans §§ 29-1201.01 to 29-1209.01 (66 sections).
Mar. 5, 2013, D.C
A beneficial owner may maintain a derivative action to enforce a right of a statutory trust if:
(1) The beneficial owner first makes a demand on the trustees, requesting that the trustees cause the trust to bring an action to redress the injury or enforce the right, and the trustees do not bring the action within a reasonable time; or
(2) A demand would be futile.
Official source: D.C. Law Library (Council of the District of Columbia). Reproduced from public-domain District of Columbia statutes; confirm against the official source for the current text. Not legal advice.