§ 12-202. Perpetual existence; dissolution; winding up; claims and obligations

Latest version.

   (a) In general. -- Except as provided in its governing instrument, a statutory trust:

   (1) Shall have perpetual existence; and

   (2) May not be terminated or revoked by a beneficial owner or other person except in accordance with the terms of the governing instrument of the statutory trust.

(b) Death, incapacity, etc., of beneficial owner. -- Except as provided in the governing instrument of a statutory trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner shall not result in the termination or dissolution of a statutory trust.

HISTORY: 1999, ch. 452; 2010, ch. 611, § 1.

                    
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