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§ 5-605. Trust agreement terms

West's Annotated Code of MarylandBusiness RegulationEffective: July 1, 2007

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 5. Cemeteries (Refs & Annos)
Subtitle 6. Perpetual Care of Cemeteries (Refs & Annos)
Effective: July 1, 2007
MD Code, Business Regulation, § 5-605
§ 5-605. Trust agreement terms
Currentness
(a) The terms of a trust to provide for perpetual care shall be designated in a written agreement between the registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and trustee.
(b) The terms of the trust agreement:
(1) shall conform to this subtitle; and
(2) may include provisions about:
(i) payment of income;
(ii) accumulation of income;
(iii) reinvestment of income;
(iv) administration of the trust fund; and
(v) powers of the trustee as to investments.
(c)(1) A trust agreement shall be irrevocable.
(2) However, a trust agreement may:
(i) give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and
(ii) provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee.

Credits

Added as Business Regulation § 5-305 by Acts 1992, c. 4, § 2. Renumbered as Business Regulation § 5-604 by Acts 1997, c. 675, § 1, eff. July 1, 1997; Acts 1997, c. 675, § 2, eff. Oct. 1, 1997. Amended by Acts 2006, c. 348, § 1, eff. Oct. 1, 2006. Renumbered as Business Regulation § 5-605 by Acts 2007, c. 348, § 2, eff. July 1, 2007. Amended by Acts 2007, c. 348, § 2, eff. July 1, 2007.
Formerly Art. 23, § 165A.
MD Code, Business Regulation, § 5-605, MD BUS REG § 5-605
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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