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§ 12-101. Definitions

West's Annotated Code of MarylandCorporations and AssociationsEffective: June 1, 2010

West's Annotated Code of Maryland
Corporations and Associations
Title 12. Statutory Trusts (Refs & Annos)
Subtitle 1. Definitions; General Provisions
Effective: June 1, 2010
MD Code, Corporations and Associations, § 12-101
§ 12-101. Definitions
(a) In this title the following words have the meanings indicated.
(b) “Beneficial owner” means any owner of record of a beneficial interest in a statutory trust, the fact of ownership to be determined and evidenced, whether by means of registration, the issuance of certificates or otherwise, in conformity to the applicable provisions of the governing instrument of the statutory trust.
(c) “Foreign business entity” means:
(1) A foreign statutory trust; or
(2) A corporation, general or limited partnership, common-law trust, limited liability company, real estate investment trust, or any other unincorporated business formed, organized, or existing under the laws of another state, the United States, a foreign country, or other foreign jurisdiction.
(d) “Foreign statutory trust” means a trust that is:
(1) Formed under the laws of another state, the United States, a foreign country, or other foreign jurisdiction; and
(2) Required by the laws of the jurisdiction in which it is formed to file a record with a public official in that jurisdiction.
(e) “Governing instrument” means a declaration of trust or other trust instrument which provides for the governance of the affairs of a statutory trust and the conduct of its business.
(f)(1) “Other business entity” means a corporation, a general or limited partnership, a common-law trust, a limited liability company, a real estate investment trust, or any other unincorporated business.
(2) “Other business entity” does not include a statutory trust.
(g) “Person” means a natural person, partnership, limited partnership, limited liability company, trust, estate, association, corporation, custodian, nominee, or any other individual or entity in its own or any representative capacity.
(h)(1) “Statutory trust” means an unincorporated business, trust, or association that is:
(i) Formed by filing an initial certificate of trust under § 12-204 of this title; and
(ii) Governed by a governing instrument.
(2) “Statutory trust” includes a trust formed under this title on or before May 31, 2010, as a business trust, as the term business trust was then defined in this title.
(i)(1) “Trustee” means the person appointed as a trustee in accordance with the governing instrument of a statutory trust.
(2) “Trustee” may include a beneficial owner of a statutory trust.

Credits

Acts 1999, c. 452, § 1, eff. Jan. 1, 2000. Amended by Acts 2010, c. 611, § 1, eff. June 1, 2010; Acts 2014, c. 45, § 5.

Editors' Notes

HISTORICAL AND STATUTORY NOTES
1999 Legislation
Acts 1999, c. 452, §§ 2 and 3, provide:
“SECTION 2. AND BE IT FURTHER ENACTED, That if any provision of the act or the application thereof to any person or circumstance is held invalid for any reason in a court of competent jurisdiction, the invalidity does not affect other provisions or any other application of this Act which can be given effect without the invalid provision or application, and for this purpose the provisions of this Act are declared severable.”
“SECTION 3. AND BE IT FURTHER ENACTED, That:
“(a)The provisions of this Act have no effect on the validity, powers, rights, or liabilities of common law business trusts created before or after January 1, 2000, or the trustees or beneficiaries of common law business trusts created before or after January 1, 2000.
“(b)(1) Subject to the provisions of paragraph (2) of this subsection, common law business trusts created before or after January 1, 2000 may elect, on the filing of a certificate of trust, to be governed by the provisions of this Act.
“(2) A common law business trust created before January 1, 2000 may not be governed by the provisions of this Act to the extent of any inconsistent provisions contained in its governing instrument and not subsequently modified by amendment.”
2014 Legislation
Acts 2014, c. 45, § 5, in para. (c)(2), deleted a superfluous occurrence of “limited liability company,”.
MD Code, Corporations and Associations, § 12-101, MD CORP & ASSNS § 12-101
Current through all legislation from the 2017 Regular Session of the General Assembly
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