§ 14.5-410. Termination of noncharitable irrevocable trusts
West's Annotated Code of MarylandEstates and TrustsEffective: January 1, 2015
Effective: January 1, 2015
MD Code, Estates and Trusts, § 14.5-410
§ 14.5-410. Termination of noncharitable irrevocable trusts
(a)(1) A noncharitable irrevocable trust may be terminated on consent of the trustee and all beneficiaries if the court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust.
(b) The existence of a spendthrift provision or similar protective language in the terms of the trust does not prevent a termination of a trust under subsection (a)(1) of this section.
(c) On termination of a trust under subsection (a)(1) of this section, the trustee shall distribute the trust property as agreed by the beneficiaries.
(d) If not all beneficiaries consent to a proposed modification or termination of the trust under subsection (a) of this section, the modification or termination may be approved by the court if the court is satisfied that:
Credits
Added by Acts 2014, c. 585, § 1, eff. Jan. 1, 2015.
MD Code, Estates and Trusts, § 14.5-410, MD EST & TRST § 14.5-410
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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