Section 12-202 - Perpetual existence; dissolution; winding up; claims and obligations.
§ 12-202. Perpetual existence; dissolution; winding up; claims and obligations.
(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.
[1999, ch. 452; 2010, ch. 611, § 1.]