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D.C. Code § 29-1206.13

Proceeds and expenses

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) 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.

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.