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§ 14-602. Construction and application of subtitle

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2023

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14. Trusts (Refs & Annos)
Subtitle 6. Maryland Trust Decanting Act (Refs & Annos)
Effective: October 1, 2023
MD Code, Estates and Trusts, § 14-602
§ 14-602. Construction and application of subtitle
Currentness
Application of subtitle
(a) Except as otherwise provided in this section, this subtitle applies to any express trust that:
(1) Is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest; and
(2)(i) Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or
(ii) Is governed by the law of this State for the purpose of:
1. Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this State;
2. Construction of the terms of the trust; or
3. Determining the meaning or effect of the terms of the trust.
Exception to applicability
(b) This subtitle does not apply to a trust held solely for charitable purposes.
Trust instrument may restrict or prohibit decanting
(c) Except as otherwise provided in this subtitle, a trust instrument may restrict or prohibit the exercise of the decanting power.
Subtitle does not limit certain powers of trustees or powerholders
(d) This subtitle does not limit the power of a trustee, a powerholder, or any other person to:
(1) Distribute or appoint property in further trust; or
(2) Modify a trust under the trust instrument, law of this State other than this title, common law, a court order, or a nonjudicial settlement agreement.
Subtitle does not limit certain powers of settlor
(e) This subtitle does not limit the ability of a settlor to provide in a trust instrument for the distribution or appointment in further trust of trust property or the modification of the trust instrument.

Credits

Added by Acts 2023, c. 715, § 1, eff. Oct. 1, 2023; Acts 2023, c. 716, § 1, eff. Oct. 1, 2023.
MD Code, Estates and Trusts, § 14-602, MD EST & TRST § 14-602
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document