§ 14.5-907. Consent of beneficiary to conduct constituting breach
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2022
Effective: October 1, 2022
MD Code, Estates and Trusts, § 14.5-907
§ 14.5-907. Consent of beneficiary to conduct constituting breach
(a) In this section, “interested party” means a beneficiary, representative of a beneficiary, co-trustee, successor trustee, or any other person having an interest in or authority over a trust.
(b) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:
(c)(1) When a trust terminates in accordance with the terms of the trust or Subtitle 4 of this title, or on the removal or resignation of a trustee in accordance with the terms of the trust or Subtitle 7 of this title, a trustee may elect to follow the procedures set forth in this subsection concerning the release of the trustee from liability for the administration of the trust.
(d) An interested party to whom a report was sent under subsection (c)(2) of this section shall be deemed to have released the trustee and consented to and ratified all actions of the trustee if, within 120 days after the trustee mailed the report, the interested party:
(e)(1) Subject to paragraph (2) of this subsection, if no interested party to whom a report was sent under subsection (c)(2) of this section submits a written objection to the trustee within 120 days after the trustee mailed the report, the trustee shall distribute the trust property to the appropriate successors in interest within a reasonable period of time.
(2) If each interested party to whom a report was sent under subsection (c)(2) of this section provides a written statement in accordance with subsection (d)(2) of this section, the trustee may distribute the trust property to the appropriate successors in interest within the 120-day period after the mailing of the report.
(f) If an interested party to whom a report was sent under subsection (c)(2) of this section submits a written objection to the trustee within 120 days after the trustee mailed the report, the objection may be:
Credits
Added by Acts 2014, c. 585, § 1, eff. Jan. 1, 2015. Amended by Acts 2020, c. 361, § 1, eff. Oct. 1, 2020; Acts 2020, c. 362, § 1, eff. Oct. 1, 2020; Acts 2022, c. 632, § 1, eff. Oct. 1, 2022; Acts 2022, c. 633, § 1, eff. Oct. 1, 2022.
MD Code, Estates and Trusts, § 14.5-907, MD EST & TRST § 14.5-907
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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