{"data":{"id":"us-dc/d.c.-code-29-1208.03","jurisdiction":"us-dc","citation":"D.C. Code § 29-1208.03","heading":"Winding up.","body":"(a)\nA dissolved statutory trust shall wind up its activities and the trust and each series thereof shall continue after dissolution only for the purpose of its winding up.\n\n(b)\nIn winding up its activities, a statutory trust shall:\n(1)\nDischarge the trust’s debts, obligations, and other liabilities, settle and close the trust’s activities, and marshal and distribute the property of the trust; and\n(2)\nDistribute any surplus property after complying with paragraph (1) of this subsection to the beneficial owners in proportion to their beneficial interests.\n\n(c)\nIn winding up its activities, a statutory trust may:\n(1)\nPreserve the trust’s activities and property as a going concern for a reasonable time;\n(2)\nInstitute, maintain, and defend actions and proceedings, whether civil, criminal, or administrative;\n(3)\nTransfer the trust’s property;\n(4)\nSettle disputes; and\n(5)\nPerform other acts necessary or appropriate to its winding up.\n\n(d)\nTrustees of a dissolved statutory trust that has disposed of claims under § 29-1208.04 or § 29-1208.05 shall not be liable for breach of duty with respect to claims against the trust that are barred or satisfied under § 29-1208.04 or § 29-1208.05.\n\n(e)\nThe dissolution of a statutory trust shall not terminate the authority of its registered agent.\n\n(f)\nOn application of any person that shows good cause, the Superior Court may appoint a person to be a receiver for a dissolved statutory trust with the power to undertake any action that might have been done by the trust during its winding up if the action is necessary for final settlement of the trust.","path":["Title 29. Business Organizations. [Enacted title]","Chapter 12. Statutory Trusts.","Subchapter VIII. Dissolution and Winding Up."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/29-1208.03","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"2f29004ba87352be79f79dcb8bdb6a6aca23ce961ddc7e272a7c1b3421037c83","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-29-1208.02","next":"us-dc/d.c.-code-29-1208.04"},"notice":"GroundRules: Original legal text. Not legal advice."}